MARCH 21//GOLD CLOSED UP $24.80 TO $2182.90//SILVER CLOSED DOWN $0.08 TO $24.91//PLATINUM CLOSED UP $12.15 TO $910.50 WHILE PALLADIUM CLOSED UP $15.05 TO $1010.85//IMPORTANT COMMENTARIES TODAY FROM TOM LUONGO AND AMBROSE EVANS PRITCHARD//SWITZERLAND LOWERS ITS INTEREST RATE//ISRAEL VS HAMAS/ISRAEL VS HEZBOLLAH/WEST BANK UPDATES/HOUTHIS UPDATES/COVID UPDATES/DR PAUL ALEXANDER/SLAY NEWS ETC//USA ECONOMIC NEWS AND DATA//VICTOR DAVIS HANSON//SWAMP STORIES FOR YOU TONIGHT//
Bitcoin: afternoon price: $64,793 DOWN 5081 dollars
Platinum price closing UP $12.15 TO $910.50
Palladium price; UP $15.05 AT $1010.86
END
SHANGHAI GOLD PREMIUM 30 DOLLARS/COMEX GOLD
SHANGHAI GOLD………
SHANGHAI GOLD (USD) FUTURES – QUOTES
Beginning Monday, April 1, 2024, CME Group settlement data will no longer be accessible through ftp.cmegroup.com and will have a delayed publication time of 12:00 a.m. CT on all cmegroup.com web pages. Learn about alternate ways to access the data in our FAQ.
GOLD: NUMBER OF NOTICES FILED FOR MAR/2024. CONTRACT: 6 NOTICES FOR 600 OZ or 0.01866 TONNES
total notices so far: 5269 contracts for 526,900 Oz (16.388 tonnes)
FOR MARCH:
SILVER NOTICES: 75 NOTICE(S) FILED FOR 375,000 OZ/
total number of notices filed so far this month : 5402 for 27,010,000 oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $24.80
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ :
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 1.15 TONNES OF GOLD INTO THE GLD// /INVENTORY RESTS AT 838..50 TONNES
INVENTORY RESTS AT 838.50 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER DOWN 8 CENTS AT THE SLV//
HUGE CHANGES IN SILVER INVENTORY AT THE SLV A HUGE WITHDRAWAL OF 2.606 MILLION OZ OUT OF THE SLV.:
// INVENTORY FALLS TO 423.720 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 423.720 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY AN ULTRA- HUGE SIZED 3516 CONTRACTS TO 156,670 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR LOSS IN PRICE OF $0.05 IN SILVER PRICING AT THE COMEX ON WEDNESDAY. WE HAD ZERO LONG LIQUIDATION AT THE COMEX SESSION WITH AGAIN MAJOR SHORT COVERING DESPITE THE PRICE LOSS. WE HAD A SMALL 288 T.A.S ISSUANCE AND THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY. PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER/GOLD T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON WEDNESDAY NIGHT: 288 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.
WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.05),BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A MEGA HUGE SIZED GAIN OF 4,597 CONTRACTS ON OUR TWO EXCHANGES DESPITE THE LOSS IN PRICE OF 5 CENTS.
WE MUST HAVE HAD:
A STRONG SIZED 525 ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 22.270 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY,S 375,000 OZ QUEUE JUMP
/NEW TOTALS INCREASES TO : 27.375 MILLION OZ
//NEW STANDING FOR SILVER IS THUS 27.375 MILLION OZ
WE HAD:
/ HUMONGOUS SIZED COMEX OI GAIN/ STRONG SIZED EFP ISSUANCE/ VI) FAIR SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 288 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED 556 CONTRACTS //
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS FEB. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF MARCH
TOTAL CONTRACTS for 15 days, total 22,606 contracts: OR 113.030 MILLION OZ (1507 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 113.03 MILLION OZ
LAST 23 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 118.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 113.03 MILLION OZ//WILL BE MUCH LARGER THIS MONTH//MAYBE CLOSE TO A RECORD ISSUANCE
RESULT: WE HAD A MEGA HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3516 CONTRACTS DESPITE OUR LOSSIN PRICE OF SILVER PRICING AT THE COMEX//WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A STRONG EFP ISSUANCE CONTRACTS: 525 ISSUED FOR MAY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS. WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR MARCH. OF 23.385 MILLION OZ ON FIRST DAY NOTICE FOLLOWED BY TODAY’S STRONG 375,000 OZ QUEUE JUMP
//NEW TOTAL STANDING RISES TO 27.375 MILLION OZ
WE HAVE A HUMONGOUS GAIN OF 4041 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A SMALL SIZED 288 CONTRACTS//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE WEDNESDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS
THE NEW TAS ISSUANCE WEDNESDAY NIGHT (288) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//PROBABLY TODAY., .
WE HAD 75 NOTICE(S) FILED TODAY FOR 375,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 2567 CONTRACTS TO 537,614 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW CLOSER TO OUR ALL TIME LOW OF 390,000 CONTRACTS.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 1321 CONTRACTS
WE HAD A FAIR SIZED INCREASE IN COMEX OI (2567 CONTRACTS) WITH OUR $1.45 GAIN IN PRICE//WEDNESDAY. THE BANKERS WERE FORCED TO SUPPLY THE NECESSARY SHORT PAPER TO CONTAIN GOLD’S RISE.WE ALSO HAD A RATHER LARGE INITIAL STANDING IN GOLD TONNAGE FOR MARCH. AT 10.270 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’’S QUEUE JUMP OF 400 OZ.
NEW TOTAL Of INITIAL GOLD STANDING RISES TO: 18.668 TONNES // ALL OF THIS HAPPENED WITH OUR $1.45 GAIN IN PRICE WITH RESPECT TO WEDNESDAY’S TRADING. WE HAD A STRONG SIZED GAIN OF 75454 OI CONTRACTS (23.49) PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A VERY STRONG SIZED 4987CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 538,945
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7554 CONTRACTS WITH 2567 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 4987 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 7554 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 2131 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4987 CONTRACTS) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (2567) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 7554 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR MARCH. AT 7.502 TONNES FOLLOWED BY TODAY’S QUEUE JUMP OF 0.01244 TONNES/NEW STANDING ADVANCES TO 18.668 TONNES.
/ 3) ZERO LONG LIQUIDATION // 4) FAIR SIZED COMEX OPEN INTEREST LOSS/ 5) VERY STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: FAIR T.A.S. ISSUANCE: 2131CONTRACTS//SOME SHORT COVERING AGAIN
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2024 INCLUDING TODAY
MARCH
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH. :
TOTAL EFP CONTRACTS ISSUED: 77,598 CONTRACTS OR 7,759,800OZ OR 241,36 TONNES IN 15TRADING DAY(S) AND THUS AVERAGING: 5186 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 15TRADING DAY(S) IN TONNES 241.36 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 241.36/3550 x 100% TONNES 6.78% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
JAN ’24: 291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)
FEB’24: 201.947 TONNES
MARCH 2024: 241.36 TONNES//THIS IS GOING TO BE ONE HUMDINGER OF AN E,F,P. ISSUANCE.
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF FEB. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (APRIL), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.Today, we had the open interest at the comex, in SILVER ROSE BY A MEGA HUGE SIZED 3516 CONTRACTS OI TO 156,670 AND CLOSER TO THE COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 525 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 525 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 525 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 3516 CONTRACTS AND ADD TO THE 1580 E.FP. ISSUED
WE OBTAIN A ULTRA HUMONGOUS SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 4041CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 20.205 MILLION OZ
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
THURSDAY MORNING/WEDNESDAY NIGHT
SHANGHAI CLOSED DOWN 2.57 PTS OR 0.08% //Hang Seng CLOSED UP 320.03 PTS OR 1.93% / Nikkei CLOSED UP 812.06 PTS OR 2.03% //Australia’s all ordinaries CLOSED UP 1.13% /Chinese yuan (ONSHORE) closed DOWN 7.1990 //OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.2138 /Oil DOWN TO 80.99 dollars per barrel for WTI and BRENT UP AT 85.66/ Stocks in Europe OPENED MOSTLY ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR 2567 CONTRACTS TO 537,614 DESPITE OUR SMALL LOSS IN PRICE OF $4.10 WITH RESPECT TO THURSDAY TRADING.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MARCH..… THE CME REPORTS THAT THE BANKERS ISSUED A VERY STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 4987 EFP CONTRACTS WERE ISSUED: : APRIL 4987 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4987CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 7554 CONTRACTS IN THAT 4987 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A GOOD SIZED GAIN OF 2567 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR SMALL RISE IN PRICE OF $1.45 WEDNESDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY NIGHT WAS A FAIR SIZED 2131 CONTRACTS,
THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. IT SEEMS THAT OUR CROOKS ARE HAVING A HARD TIME TRYING TO CONTROL THE PRICE OF GOLD AND THUS THE NEED FOR RECORD T.A.S. ISSUANCE.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: MARCH (18.681 TONNES) ( NON ACTIVE MONTH)
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 24 MONTHS OF 2021-2023:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY: 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022:
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.681 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $1.45 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A STRONG SIZED GAIN OF8885 TOTAL CONTRACTS ON OUR TWO EXCHANGES WITH OUR SLIGHTLY HIGHER PRICE.
WE HAD A FAIR T.A.S. LIQUIDATION ON THE FRONT END OF WEDNESDAY’S TRADING . THE T.A.S. ISSUED ON WEDNESDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS. THE HIGH T.A.S. ISSUANCE IS MEANT TO CONTROL THE PRICE OF GOLD (AS WELL AS INITIATE A RAID).
WE HAVE GAINED A TOTAL OI OF 23.49 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR MARCH. (10.3576 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 400 OZ QUEUE JUMP//NEW STANDING INCREASES TO 18.681 TONNES
ALL OF THIS WAS ACCOMPLISHED DESPITE OUR GAIN IN PRICE TO THE TUNE OF $1.45
WE HAD REMOVED 1321 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)
NET GAIN ON THE TWO EXCHANGES 7554 CONTRACTS OR 755,400 OZ OR 23.49 TONNES. estimated volume today 495,803 criminals//real heroes providing massive paper
Total monthly oz gold served (contracts) so far this month
5269 notices 526,900 oz 16.388 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
x
0 dealer deposits:
total dealer deposits: nil oz
total customer withdrawals: 0
total customer withdrawal: NIL oz
we had 0 customer deposit
total deposit nil oz
Adjustments: 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAR.
For the front month of MARCH we have an oi of 743 contracts having GAINED 4 contracts. We had 0 contracts filed upon on Wednesday, so we gained 4 contracts or an additional 400 oz of gold(0.01244 tonnes) will stand at the comex in this non active delivery month of March.
APRIL LOST 10,378 CONTRACTS FALLING TO 190,009.
MAY EARNED 95 CONTRACTS TO STAND AT 985
JUNE INCREASED ITS OI BY 11,631 CONTRACTS UP TO 284,437 CONTRACTS.
We had 6 contracts filed for today representing 600 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 6 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 6 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for the MARCH. /2024. contract month, we take the total number of notices filed so far for the month (5269 x 100 oz ), to which we add the difference between the open interest for the front month of MARCH. (743 CONTRACTS) minus the number of notices served upon today 6 x 100 oz per contract equals 600,200 OZ OR 18.668 TONNES
thus the INITIAL standings for gold for the MARCH. contract month: No of notices filed so far (5269) x 100 oz + (754) {OI for the front month} minus the number of notices served upon today (6) x 100 oz which equals 600,600 oz (18.681 TONNES)
TOTAL COMEX GOLD STANDING FOR MARCH: 18.681 TONNES WHICH IS HUGE FOR A NON ACTIVE DELIVERY MONTH IN THE CALENDAR.
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,733,522.260 OZ
TOTAL REGISTERED GOLD 7,736,801.037 (240.64 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,996,721.223 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,403,443 oz (REG GOLD- PLEDGED GOLD) 199.17 tonnes/dropping like a stone
END
SILVER/COMEX
MARCH 21
INITIAL
//2024// THE MARCH 2024 SILVER CONTRACT//INITIAL
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
605,510.430 oz asahi
.
Deposits to the Dealer Inventory
nil OZ
Deposits to the Customer Inventory
548,023.400 OZ asahi
No of oz served today (contracts)
75 CONTRACT(S) (375,000 OZ)
No of oz to be served (notices)
73 contracts (0.365 MILLION oz)
Total monthly oz silver served (contracts)
5402 Contracts (27,010,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
i) 0 dealer deposit
total dealer deposit :nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 deposits customer account:
i) Into ASAHI 548,023.400 oz
total customer deposits 548,023.400 oz
JPMorgan has a total silver weight: 129.806 million oz/285.083 million or 45.61%
adjustment: 0/
Comex withdrawals: 1
i) Out of ASAHI: 605,510.430 oz
total withdrawal: 605,510.430 oz
TOTAL REGISTERED SILVER: 48.898MILLION OZ//.TOTAL REG + ELIGIBLE. 285.083million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:
silver open interest data:
FRONT MONTH OF MARCH /2023 OI: 148 CONTRACTS HAVING GAINED 65 CONTRACT(S).
WE HAD 10 NOTICES FILED ON WEDNESDAY SO GAINED 75 CONTRACTS OR AN ADDITIONAL 375,000 OZ WILL STAND AT THE COMEX
APRIL SAW A GAIN OF 110 CONTRACTS TO STAND AT 965
MAY SAW A GAIN OF 2457 CONTRACTS UP TO 120,201.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 75 for 375,000 oz
Comex volumes// est. volume today 105,360 huge
Comex volume: confirmed yesterday 73,830 strong.
To calculate the number of silver ounces that will stand for delivery in MARCH. we take the total number of notices filed for the month so far at 5402 x 5,000 oz = 27,010,000 oz
to which we add the difference between the open interest for the front month of MARCH. (148) and the number of notices served upon today 75 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the MARCH/2024 contract month: 5402 (notices served so far) x 5000 oz + OI for the front month of MARCH. (148) – number of notices served upon today (75 )x 500 oz of silver standing for the MARCH contract month equates to 27.375 MILLION OZ.
New total standing: 27.375 million oz.
There are 48.898 million oz of registered silver.
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44
END
GLD AND SLV INVENTORY LEVELS//
BOTH GLD AND SLV ARE MASSIVE FRAUDS!
MARCH 21 WITH GOLD UP $24.80 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD A STRONG PAPER DEPOSIT OF 1.15 TONNES OF GOLD INTO THE GLD/:INVENTORY RISES TO 838.50 TONNES
MARCH 20 WITH GOLD UP $1.45 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD A STRONG PAPER DEPOSIT OF 1.48 TONNES OF GOLD INTO THE GLD/:INVENTORY RISES TO 837.35 TONNES
MARCH 19 WITH GOLD DOWN $4.10 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD A STRONG PAPER DEPOSIT OF 1.48 TONNES OF GOLD INTO THE GLD/:INVENTORY RISES TO 833.32 TONNES
MARCH 15 WITH GOLD DOWN $5.20 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/:INVENTORY REMAINS AT 816.86 TONNES
MARCH 14 WITH GOLD DOWN $12.20 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 1.73 TONNES OF GOLD INTO THE GLD//:INVENTORY REMAINS AT 816.86 TONNES
MARCH 13 WITH GOLD UP $14.40 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD:INVENTORY REMAINS AT 815.13 TONNES
MARCH 12 WITH GOLD DOWN $21.15 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD:NOT AVAILABLE///LAST VALUE 815.13 TONNES
MARCH 11 WITH GOLD UP $3.20 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44 TONNES OF GOLD OUT OF THE GLD AFTER 7 CONSECUTIVE GOLD PRICE RISES//INVENTORY RESTS AT 815.13 TONNES
MARCH 8 WITH GOLD UP $21.05 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.87 TONNES OF GOLD OUT OF THE GLD AFTER 7 CONSECUTIVE GOLD PRICE RISES//INVENTORY RESTS AT 816.57 TONNES
MARCH 7 WITH GOLD UP $7.20 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4,20 TONNES OF GOLD OUT OF THE GLD//INVENTORY RESTS AT 817.44 TONNES
MARCH 6 WITH GOLD UP $17.20 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.30 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 821.47 TONNES
MARCH 5 WITH GOLD UP $16.55 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.30 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 821.47 TONNES
MARCH 4 WITH GOLD UP $30.55 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .86 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 823.77 TONNES
MARCH 1 WITH GOLD UP $40.40 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 822.91 TONNES
FEB29/WITH GOLD UP $12.60 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD//WITHDRAWAL OF 4.03 TONNES INVENTORY RESTS AT 822.91 TONNES
FEB28/WITH GOLD DOWN $1.00 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD INVENTORY RESTS AT 826.94 TONNES
FEB27/WITH GOLD UP $4.40 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF .87 TONNES OF GOLD FROM THE GLD:/INVENTORY RESTS AT 826.94 TONNES
FEB26/WITH GOLD DOWN $8.90 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/INVENTORY RESTS AT 827.81 TONNES
FEB23/WITH GOLD UP $17 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.01 TONNES OF GOLD FROM THE GLD.//INVENTORY RESTS AT 827.81 TONNES
FEB22/WITH GOLD DOWN $2.15 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD://INVENTORY RESTS AT 829.82 TONNES
FEB21/WITH GOLD DOWN $5.30 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 7.59 TONNES OF GOLD OUT OF THE GLD///INVENTORY RESTS AT 29.82 TONNES
FEB20/WITH GOLD UP $16.15 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 0.58 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 837.89 TONNES
FEB16/WITH GOLD UP $8,60 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.73 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 837.31 TONNES
FEB15/WITH GOLD UP $11.70 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/INVENTORY RESTS AT 841.92 TONNES
FEB14/WITH GOLD DOWN $2.75 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/INVENTORY RESTS AT 841.92 TONNES
FEB13/WITH GOLD DOWN $20.15 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/INVENTORY RESTS AT 841.92 TONNES
FEB12/WITH GOLD DOWN $4.80 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A STRONG WITHDRAWAL OF 1.74 TONNES OF GOLD FROM THE GLD. / //://INVENTORY RESTS AT 841.92 TONNES
FEB9/WITH GOLD DOWN $8.60 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A STRONG DEPOSIT OF 1.44 TONNES OF GOLD FROM THE GLD. / //://INVENTORY RESTS AT 843.66 TONNES
FEB8/WITH GOLD DOWN $2.70 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 5.47 TONNES OF GOLD FROM THE GLD. / //://INVENTORY RESTS AT 842.22 TONNES:
FEB7/WITH GOLD UP $0.40 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 4.04 TONNES OF GOLD FROM THE GLD. / //://INVENTORY RESTS AT 847.69 TONNES:
FEB6/WITH GOLD UP $8.50 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/ / //://INVENTORY RESTS AT 851.73 TONNES:
GLD INVENTORY: 833.32 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
MARCH 21/WITH SILVER DOWN 8 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A HUGE WITHDRAWAL OF 3.560 MILLION OZ INTO THE SLV: SLV INVENTORY RESTS AT 423.720 MILLION OZ
MARCH 20/WITH SILVER DOWN 5 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A HUGE DEPOSIT OF 11.792 MILLION OZ INTO THE SLV: SLV INVENTORY RESTS AT 427.280 MILLION OZ
MARCH 18/WITH SILVER DOWN 11 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A HUGE DEPOSIT OF 11.792 MILLION OZ INTO THE SLV: SLV INVENTORY RESTS AT 427.280 MILLION OZ
MARCH 15/WITH SILVER DOWN 9 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 1.006 MILLION OZ FROM THE SLV: SLV INVENTORY RESTS AT 417.866 MILLION OZ
MARCH 14/WITH SILVER DOWN 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: SLV INVENTORY RESTS AT 418.872 MILLION OZ
MARCH 13/WITH SILVER UP 32 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: SLV INVENTORY RESTS AT 418.872 MILLION OZ…
MARCH 12/WITH SILVER DOWN 31 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A SMALL WITHDRAWAL OF 0.549 MILLION OZ OF SILVER INTO THE SLV//// : SLV INVENTORY RESTS AT 418.872 MILLION OZ…
MARCH 11/WITH SILVER UP 11 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A HUGE WITHDRAWAL OF 2.147 MILLION OZ OF SILVER FROM THE SLV//// : SLV INVENTORY RESTS AT 418.323 MILLION OZ…SUCH A MASSIVE FRAUD!
MARCH 8/WITH SILVER DOWN 5 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A HUGE WITHDRAWAL OF 4.299 MILLION OZ OF SILVER FROM THE SLV//// : SLV INVENTORY RESTS AT 420.519 MILLION OZ…SUCH A MASSIVE FRAUD!
MARCH 7/WITH SILVER UP 8 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A HUGE WITHDRAWAL OF 4.665 MILLION OZ OF SILVER FROM THE SLV//// : SLV INVENTORY RESTS AT 424.818 MILLION OZ…SUCH A MASSIVE FRAUD!
MARCH 6/WITH SILVER UP 52 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A HUGE WITHDRAWAL OF 2.378 MILLION OZ OF SILVER FROM THE SLV//// : SLV INVENTORY RESTS AT 427,105 MILLION OZ
MARCH 5/WITH SILVER DOWN 2 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A HUGE WITHDRAWAL OF 1.499 MILL;ION OZ OF SILVER FROM THE SLV//// : SLV INVENTORY RESTS AT 429.483 MILLION OZ
MARCH 4/WITH SILVER UP CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: // : SLV INVENTORY RESTS AT 430.982 MILLION OZ
MARCH 1/WITH SILVER UP 49 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: // : SLV INVENTORY RESTS AT 430.982 MILLION OZ
FEB 29/WITH SILVER UP 25 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.104 MILLION OZ OUT OF THE SLV//// : SLV INVENTORY RESTS AT 430/982 MILLION OZ
FEB 28/WITH SILVER DOWN 7 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 5.123 MILLION OZ INTO THE SLV//// : SLV INVENTORY RESTS AT 433.086 MILLION OZ
FEB 27/WITH SILVER UP 3 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.64 MILLION OZ FROM THE SLV//// : SLV INVENTORY RESTS AT 427.943 MILLION OZ
FEB 26/WITH SILVER DOWN 44 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.065 MILLION OZ FROM THE SLV//// : SLV INVENTORY RESTS AT 428.603 MILLION OZ
FEB 23/WITH SILVER DOWN 44 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.065 MILLION OZ FROM THE SLV//// : SLV INVENTORY RESTS AT 428.603 MILLION OZ
FEB 22/WITH SILVER DOWN 10 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV
// : SLV INVENTORY RESTS AT 432.766 MILLION OZ
FEB 21/WITH SILVER DOWN 28 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 2.348 MILLION OZ OF SILVER FROM THE SLV// : SLV INVENTORY RESTS AT 432.766 MILLION OZ
FEB 20/WITH SILVER DOWN 33 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 3.385 MILLION OZ OF SILVER FROM THE SLV// : SLV INVENTORY RESTS AT 435.008 MILLION OZ
FEB 16/WITH SILVER UP 53 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 1.235 MILLION OZ OF SILVER FROM THE SLV// : SLV INVENTORY RESTS AT 438.393 MILLION OZ
FEB 15/WITH SILVER UP 56 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV : SLV INVENTORY RESTS AT 437.615 MILLION OZ
FEB 14/WITH SILVER UP 24 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV : SLV INVENTORY RESTS AT 437.615 MILLION OZ
FEB 13/WITH SILVER DOWN 60 CENTS TODAY SMALL CHANGES IN SILVER INVENTORY AT THE SLV A SMALL WITHDRAWAL OF 0.504 MILLION OZ OZ OUT OF THE SLV: SLV INVENTORY RESTS AT 437.615 MILLION OZ
FEB 12/WITH SILVER UP 14 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV A HUGE WITHDRAWAL OF 1.921 MILLION OZ OZ OUT OF THE SLV: SLV INVENTORY RESTS AT 438.119 MILLION OZ
FEB 9/WITH SILVER DOWN 4 CENTS TODAY SMALL CHANGES IN SILVER INVENTORY AT THE SLV A SMALL DEPOSIT OF 600,000 OZ INTO THE SLV: SLV INVENTORY RESTS AT 440.040 MILLION OZ
FEB 8/WITH SILVER UP 29 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: SLV INVENTORY RESTS AT 439.994 MILLION OZ
FEB 7/WITH SILVER DOWN 18 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 4.04 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 439.994 MILLION OZ//LAST 9 DAYS: 10.7598 MILLION OZ WITHDRAWAL
CLOSING INVENTORY 423.720 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1:Peter Schiff/Mike Maharrey
end
2.Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens/
3. CHRIS POWELL//GATA
This is a good read: How the Fed is preparing for a U turn on interest rates and what it means for us;
(Ambrose Evans Pritchard)
Ambrose Evans-Pritchard: Fed is preparing for a hand-brake U-turn on interest rates
Submitted by admin on Wed, 2024-03-20 10:46 Section: Daily Dispatches
By Ambrose Evans-Pritchard The Telegraph, London Tuesday, March 19, 2024
If you want an idea of how the current fiscal and asset bubble in the United States might end, pay close attention to Bernard Connolly, esteemed consigliere to hedge funds and central bankers across the world for the last quarter century.
It will not end in a soft landing — a “chimaera” — and will certainly not end in another leg of accelerating economic growth. Nor will it end in soggy stagflation.
The invidious choice facing the Federal Reserve, he warns, is either to allow a deep economic slump to unfold or slash rates to the bone before inflation has fallen back to target.
The latter course will send the dollar into free fall and destabilise the world’s dollarised financial system, an outcome already being sniffed out by the reawakening gold market.
Mr. Connolly is one of the very few prophets who foresaw both the Great Recession and the eurozone sovereign debt debacle, not just in vague terms — many did that — but with eerie precision and with a powerful intellectual argument for why they would happen and why they would prove so intractable.
His new magnum opus, “You Always Hurt the One You Love: Central Banks and the Murder of Capitalism,” is the story of the Faustian pact made by central bankers from the 1990s onwards, when they became addicted to bubbles and started stealing prosperity from the future.
His blistering critique over the decades has not stopped top officials at the Fed, the Bank of Japan, and the Bank of England from seeking his advice whenever trouble hits. After a long silence, he is again issuing warnings.
“There can be little doubt that there will be a U.S. recession unless the Fed loosens hard and soon. The labour market is weakening and ‘excess savings’ from the pandemic-era handouts are exhausted,” he said. …
Turks are piling into gold ad the dollar as inflation is ravaging the Turkish lira
(zerohedge)
Turks pile into the dollar, gold, and stocks as 67% inflation savages lira
Submitted by admin on Wed, 2024-03-20 17:52 Section: Daily Dispatches
By Scott McLean, Ipek Yezdani, and Anna Cooban CNN, Atlanta Wednesday, March 20, 2024
Down a dimly lit alleyway tucked just inside Istanbul’s Grand Bazaar, a few dozen men are packed together, shouting, waving, and frantically speaking on their phones, others nervously pacing.
This “standing market” — a low-rent version of a chaotic stock exchange floor — is where Istanbul’s traders come to deal in precious metals and currencies. These days it’s dollars and gold they’re after. Turkish lira, not so much
“Right now our money is almost worthless. Since people haven’t seen inflation fall, they don’t trust the Turkish lira anymore,” explained Adnan Kapukaya, a trader and market expert.
Inflation in Turkey remains sky-high — official figures show prices rose 67% last month compared with February 2023, though unofficial estimates suggest the real number is more than 100%. And this despite the Turkish central bank hiking interest rates to an eye-watering 45% in January — up from a low of 8.5% a year ago.
But even at that rate, savers are still losing money to inflation. So to shelter their savings, people are showing up in the gold markets of the Grand Bazaar with whatever they have — modest savings or, sometimes, a suitcase full of cash, says Omer Tozduman, a gold dealer. …
New book reveals history of U.S. dollar weaponization
Submitted by admin on Wed, 2024-03-20 18:02 Section: Daily Dispatches
By Neil Irwin Axios, Arlington, Virginia Wednesday, March 20, 2024
Some of the most important instruments of U.S. global power are deployed not by the warfighters at the Pentagon or the diplomats at the State Department, but by bureaucrats at 1500 Pennsylvania Ave. — the U.S. Treasury Department.
The big picture: A new book out this week brings to life the narrative of how Treasury officials have used the U.S. dollar as a tool of American foreign policy over the last three decades — along with the hazards that has created.
“Paper Soldiers: How the Weaponization of the Dollar Changed the World Order,” by Bloomberg senior reporter Saleha Mohsin, arrives as cracks in that order are starting to appear.
The aggressive use of economic countermeasures against Russia in retaliation for its invasion of Ukraine — an effort steered out of Treasury — has caused blowback as other nations with tense U.S. relationships seek alternatives to the dollar-based global financial system. …
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGSTHURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN 7.1990
OFFSHORE YUAN: DOWN TO 7.2138
SHANGHAI CLOSED DOWN 2.57 PPTS OR 0.08%
HANG SENG CLOSED UP 320.03 PTS OR 1.93%
2. Nikkei closed UP 812.06 OR 2.03%
3. Europe stocks SO FAR: MOSTLY ALL GREEN
USA dollar INDEX UP TO 103.14 EURO FALLS TO 1.0916 DOWN 22 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.732 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 151.03/JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN/ OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.3935***/Italian 10 Yr bond yield DOWN to 3.655* /SPAIN 10 YR BOND YIELD DOWN TO 3.1980…**
3i Greek 10 year bond yield DOWN TO 3.257
3j Gold at $2207.00 silver at: 25.45 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 67 /100 roubles/dollar; ROUBLE AT 91.57//
3m oil into the 80 dollar handle for WTI and 85 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 151.03// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.735% STILL ON CENTRAL BANK (JAPAN) INTERVENTION
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8924 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9741 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.228 DOWN 4 BASIS PTS…
USA 30 YR BOND YIELD: 4.421 DOWN 3 BASIS PTS/
USA 2 YR BOND YIELD: 4.566 DOWN 4 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.13…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: DOWN 7 BASIS PTS AT 3.997
end
2.a Overnight: Newsquawk and Zero hedge
Futures, Global Stocks Soar After Dovish Powell Greenlights Meltup
THURSDAY, MAR 21, 2024 – 08:16 AM
Futures and global stocks are soaring and building on Wednesday’s powerful gains after the Fed signaled expectations for three rate cuts this year and said inflation eased substantially while Powell greenlit the next big pre-election leg to the rally with dovish press conference comments that suggested the Fed has all but raised its inflation target to 3%. Both Tech and Small-caps are outperforming; while all of the Mag 7 are higher pre-mkt ex-AAPL which was hit on some negative regulatory headlines (AAPL shares have been a funding short for the group). As of 8:00am, S&P futures were 0.4% higher, trading just above 5,300 while Nasdaq futures up 0.8%, both in record territory. 10Y Treasury yields are lower, trading around 4.22% are the curve bull flattens while the USD trades higher after a shock rate cut by the SNB sent the swiss franc plunging. Today’s macro data focus includes flash PMIs, leading index, existing home sales, and jobless data. Powell flagged that a weakening labor market is cue for when to cut rates but did not indicate which data release is the most impactful but in the 5 years leading into COVID, weekly claims averaged 244k and today consensus is 213k.
In premarket trading, Micron shares surged 18%, lifting peers with it, after the maker of computer memory chips gave a 3Q forecast that was much stronger than expected. Chip equipment makers also gain after Micron said it plans to boost capital spending in fiscal 2025: Western Digital (WDC US) +6.7%, Seagate Technology (STX US) +1.2%; chip equipment makers Applied Materials (AMAT US) +3.4%, Lam Research (LRCX US) +3.1%. Here are some other notable premarket movers:
Astera Labs shares rise 5.6%, set to extend Wednesday’s 72% gain. The semiconductor connectivity company’s initial public offering topped expectations to raise $713 million, adding momentum to AI-related stocks and a listings rebound.
Broadcom shares gain 2.7% as analysts were positive about the chipmaker’s opportunities following its AI event. Cowen raised its rating to outperform from market perform.
Guess shares advance 12% after the clothing company reported 4Q adjusted earnings per share and sales above consensus estimates.
Li Auto ADRs fall 6.8% after the Chinese EV maker reduced its 1Q vehicle deliveries target, citing lower-than-expected order intake. CEO Li Xiang said the firm’s operating strategy for its newly launched Mega model was “mis-paced.”
Stock optimism was reignited after Federal Reserve policymakers kept their outlook for three cuts this year, despite a recent rebound in price pressures. While Chair Jerome Powell continued to highlight that officials would like to see more evidence prices are coming down, he also said it will be appropriate to start easing “at some point this year.” As part of the dovish hurricane response, treasuries advanced, lowering the 10-year yield by four basis points, while the dollar posted small moves. Brent crude traded around $86 a barrel and Bitcoin held at about $67,000. Gold rallied above $2,200 an ounce for the first time and a gauge of emerging-market stocks climbed the most since December.
While the Fed decision surprised some – especially the bears – there were more central bank shockers overnight, notably Taiwan which unexpected hiked 25bps to 2.00% and from the SNB which shockingly cut rates, sending the Swiss franc tumbling. The franc fell more than 1% against the dollar after the SNB lowered its key rate by 25 basis points in a move only a small minority of economists anticipated.
The decision to cut by Swiss policymakers was the first such reduction for one of the world’s 10 most-traded currencies since the pandemic abated.
“This signals to the world that we have turned a corner,” said Philipp Hildebrand, vice chairman at BlackRock and former Chairman of the SNB. “Central banks are easing and the question is where does all this settle in the long term.”
The Stoxx 600 traded up 0.4% after hitting a record earlier in the session. Mining and real estate stocks lead gains, while the health care sector lags. Equities in Europe paired some of their gains after euro-area manufacturing data missed estimates. S&P Global’s purchasing managers’ index showed sustained weakness in Germany and France — the bloc’s top two economies — even as overall private-sector activity for the euro-area rose to a nine-month high in March. Here are some of the most notable premarket movers:
Chip equipment stocks lead a rally in European tech stocks after the US Fed maintained its outlook for interest-rate cuts, and US firm Micron signaled it will increase capex next year
Glencore rises as much as 4% as it eyes a stake in Indonesian miner Harita Nickel, a sign of growing interest in the country’s fast-expanding nickel sector
Argenx gains as much as 12% after a rival for the biotech firm said a phase 3 Luminesce study of Enspryng as an investigational treatment for generalized myasthenia gravis failed
Remy Cointreau rises as much as 6.1% after Deutsche Bank lifts its recommendation on the stock to buy from hold, with inventory levels seen materially ahead of current market value
3i Group shares gain as much as 4.4%, reaching record highs, after its Action unit reported 21% like-for-like sales growth vs. a year earlier, which analysts note shows continued strength
Energean rises as much as 6.1% as the company reiterated its guidance for this year. Analysts say markets are pleased that operations in Israel have so far not been disrupted
Esso surged as much as 23%, its biggest intraday gain since April 2022, after the French unit of Exxon Mobil announced a €12-a-share special dividend as part of its full-year report
Pernod Ricard rises as much as 2.9% as Deutsche Bank upgrades to hold from sell, saying the cognac maker is now “broadly fairly valued,” also seeing a fairly evenly balanced risk profile
M&G gains as much as 4.2% as the pension fund and asset manager sees better-than-expected institutional flows and operating profit for the full year period
Next gains as much as 5.9% after full-year results beat estimates and 2025 guidance was maintained. Analysts described the earnings as “pleasing”
Douglas falls as much against its IPO price as the German perfume retailer began trading in Frankfurt, trading at €23.8 as of 11am, down from the IPO price of €26.
Nemetschek falls as much as 5.4% after refining its 2024 guidance first proposed in March last year. Analysts deemed Ebitda margin and revenue growth targets cautious
Earlier in the session, the MSCI Asia Pacific Index advanced as much as 2.2%, the most since Nov. 15, with Taiwan Semiconductor, Toyota and Samsung among the biggest contributors to the move. The bullish session echoes US gains after Fed policymakers kept their outlook for three cuts in 2024 and moved toward slowing the pace of reducing their bond holdings, suggesting they aren’t alarmed by a recent rebound in price pressures. Sentiment on Chinese tech stocks got a lift after Tencent Holdings Ltd. announced plans to more than double its stock buyback program and boosted dividends. The region’s semiconductor shares gained after Micron Technology Inc. gave a surprisingly strong revenue forecast for the current quarter, buoyed by demand for memory chips used in artificial intelligence applications.
“With the FOMC event risk out and market pricing roughly in line with dot plots, we think focus of Asian equity investors should return to earlier themes of AI momentum,” Chetan Seth, a strategist at Nomura Holdings Inc., wrote in a note. “We still expect a US soft landing.”
In FX,the Swiss franc sits at the bottom of the G-10 FX pile, falling 0.7% against the dollar after the Swiss National Bank surprised with a 25bps interest rate cut. The Norges Bank stood pat, as expected, prompting an uptick in the krone. The pound is little changed as investors now turn their attention to the Bank of England decision at noon UK time.
In rates, treasuries extended Wednesday’s post-Fed rally, supported by gains in UK front-end as traders fully price in 75bps of easing by Bank of England easing this year for first time since March 12. Treasury yields richer by 3bp to 5bp across the curve with gains led by belly, steepening 5s30s spread by around 1.5bp and adding to Wednesday’s sharp steepening move as additional easing was priced back into the front-end; 10-year trades around 4.23% with bunds lagging by 1bp in the sector, gilts trading broadly in line. European bonds are firmly in the green, with rate markets drawing additional support from SNB’s surprise cut. US session includes several economic indicators and 10Y TIPS auction.
In commodities, oil prices decline, with WTI falling 0.3% to trade near $81. Spot gold rises 1%.
Bitcoin climbed back to best levels at USD 68k, before paring back to around the USD 66k level.
Looking at today’s calendar, economic data calendar includes 4Q current account balance, March Philadelphia Fed business outlook and weekly jobless claims (8:30am), March preliminary S&P Global manufacturing and services PMIs (9:45am), February leading index and existing home sales (10am). Fed members scheduled to speak include Barr at 12pmTo contact the reporter on this story:
Market Snapshot
S&P 500 futures up 0.5% to 5,311.25
STOXX Europe 600 up 0.8% to 509.14
MXAP up 2.0% to 178.40
MXAPJ up 1.9% to 540.84
Nikkei up 2.0% to 40,815.66
Topix up 1.6% to 2,796.21
Hang Seng Index up 1.9% to 16,863.10
Shanghai Composite little changed at 3,077.11
Sensex up 0.7% to 72,624.50
Australia S&P/ASX 200 up 1.1% to 7,781.97
Kospi up 2.4% to 2,754.86
German 10Y yield little changed at 2.41%
Euro down 0.2% to $1.0901
Brent Futures up 0.5% to $86.36/bbl
Gold spot up 0.7% to $2,202.16
US Dollar Index up 0.19% to 103.58
Top Overnight News
Taiwan’s central bank unexpectedly raises rates from 1.875% to 2% (the consensus was looking for rates to be unchanged). WSJ
China’s PBOC signals an openness to additional bank reserve requirement ratio (RRR) cuts, but sounds reluctant about lowering interest rates until the Fed begins easing. BBG
BOJ Governor Kazuo Ueda said the central bank scrapped its massive easing program this week partly to avoid the need for aggressive action later, a comment that may help market players judge his next moves. BBG
SNB unexpectedly lowers its policy rate from 1.75% to 1.5% (the Street was looking for rates to stay unchanged) as the central bank highlights progress in the battle against inflation. RTRS
Eurozone flash PMIs are mixed, with a soft manufacturing figure (45.7, down from 46.5 in Feb and below the Street’s 47 forecast) and a decent services number (51.1, up from 50.2 in Feb and above the Street’s 50.5 forecast). BBG
AMZN is focusing its attention on combating Shein and Temu as the firm views both as larger competitive threats than Walmart and Target. WSJ
Korean Air Lines passed Boeing over to order 33 Airbus SE A350 wide-body jets in a $14 billion deal. And Japan Airlines said it’ll buy 11 Airbus A321neos — alongside some Boeings — breaking the US planemaker’s hold as its sole single-aisle supplier. BBG
The DOJ will sue Apple in federal court as soon as today for alleged antitrust violations, people familiar said, escalating the crackdown on Big Tech by regulators in the US and abroad. Apple is accused of blocking rivals from accessing hardware and software features of its iPhones. Shares slipped premarket. BBG
MU +17% pre mkt after reporting strong EPS upside in FQ2/Feb at 42c (the Street was looking for a 24c loss), w/the beat driven by better sales ($5.82B vs. the Street $5.35B), higher gross margins (20% vs. the Street 13/5%), and superior operating margins (pos. 3.5% vs. the Street’s neg. 4.4% forecast). The FQ3 guide was very. Mgmt said supply/demand conditions are improving thanks to a “confluence of factors”, including strong AI server demand, a healthier demand backdrop in most other end markets (it sees PCs growing in the low-single digits this year, w/AI PCs becoming a larger factor in 2025, while smartphones grow in the low/mid-single digits), and supply reductions across the industry. RTRS
Central Banks
SNB cut its Policy Rate by 25bps to 1.50% (exp. 1.75%); FX language reiterated “willing to be active in the foreign exchange market as necessary”, Ready to intervene in FX; Loosening permitted by inflation progress.
SNB Chairman Jordan says that rates were able to be lowered as the fight against inflation has been effective. Says we give no forward guidance on future interest rates and will see where we are in 3 months time. Says we remain willing to sue balance to be active on forex market and could be sales of purchases; situation in ME is tricky; neither sales of forex are in focus at the moment
Norges Bank maintains its Key Policy Rate at 4.50% as expected; reiterates guidance that “policy rate will likely need to be maintained at the current level for some time ahead”.
Norges Bank Governor Bache says the rate path indicates a cut is most likely in September, second rate cut indicated by end of Q1’25
Taiwan hikes its benchmark interest rate to 2.0% from 1.875%
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly underpinned after the fresh record levels on Wall St post-dovish FOMC where the Fed maintained the projection for 3 rate cuts in 2024 and Powell downplayed recent hot inflation data. ASX 200 strengthened with sentiment also helped by a stellar jobs report and a fall in unemployment, while gold miners outperformed after the precious metal rose above USD 2,200/oz to a new all-time high. Nikkei 225 rallied from the open to unprecedented levels north of 40,800 despite recent hawkish source reports. Hang Seng and Shanghai Comp. were mixed in which the Hong Kong benchmark rallied to just shy of the 17,000 level amid strength in the property sector and as the Fed projection for three rate cuts keeps similar action on the table for the HKMA. Conversely, the mainland lagged as the PBoC injected the least amount of funds in its open market operations since August last year despite the PBoC’s Deputy Governor reaffirming that China’s monetary policy has ample room and there is still room for cutting RRR
Top Asian News
HKMA maintained its base rate unchanged at 5.75%, as expected. HKMA said financial and monetary markets in Hong Kong continue to operate in a smooth and orderly manner, while it added that the HKD exchange rate remains stable and Hong Kong dollar interbank rates might remain high for some time.
PBoC Deputy Governor Changneng Xuan said they will promote effective investment and help resolve excess capacity, while he added that China’s monetary policy has ample room and there is still room for cutting RRR. PBoC Deputy said he expects China’s nominal economic growth to be around 8% in 2024 and will maintain appropriate growth in credit and total social financing, while they will guide banks to lower deposit rates and lower financing costs, support consumption and investment, as well as promote a rebound in prices.
China’s Vice Finance Minister said fiscal policy will provide the necessary support for achieving the 2024 growth target and China’s government debt is at an appropriate level, while he said China has continued to reduce the overall level of tariffs, which has now been reduced to 7.3% and is relatively low in the world, according to Reuters and Global Times.
China state planner vice chair said they will speed up approval for investment projects and that total bond funds for government investment will exceed CNY 6tln, while they will step up support for private investment and encourage private firms to participate in infrastructure investment projects, according to Reuters.
BoJ Governor Ueda said the BoJ is expected to maintain an accommodative monetary policy for the time being and accommodative monetary policy is likely to underpin the economy, while he added that cost-push pressure on inflation is dissipating but service prices continue to rise moderately and the preliminary wage negotiation outcome tends to be revised down but even so, they thought the final outcome would be a fairly strong number. BoJ Governor Ueda said as they end massive stimulus, they will likely gradually shrink the balance sheet and at some point reduce JGB purchases but at present, they have no clear idea regarding the timing of reducing JGB buying and scaling back the size of the balance sheet. Furthermore, he said they are not immediately thinking of selling BoJ’s ETF holdings and will take plenty of time examining how to reduce ETF holdings.
BoJ is reportedly seen weighing the next rate hike in July or October as the Yen weakens, according to Nikkei. A source noted that additional hikes are of course on the table and that an early hike leaves room for the BoJ to consider rolling out another increase before the end of the year, while the timeline would keep the BoJ coming off like they are rushing to hike rates. Furthermore, it was stated that a growing number see a July rate boost as another possibility if a weak yen raises the price of imports and accelerates inflation, forcing the BoJ to step in. It was earlier reported that the Yen’s decline appears to be raising little alarm at the BoJ for now which was to be expected given that Governor Ueda is maintaining an accommodative stance on policy, according to a source at the BoJ cited by Nikkei. However, it was noted that some at Japan’s Finance Ministry are wary of rapid fluctuations in the currency market driven by speculative trades.
Fitch expects BoJ to raise policy rate to 0.25% by 2025.
CNOOC (600938 CH) FY (CNY) IFRS Net 123.84bln (exp. 130.33bln); In 2024, will insist on increasing oil and gas reserves and production; ongoing recovery trajectory in China will support demand for oil and gas
European equities, Stoxx600 (+0.4%) are entirely in the green, with sentiment lifted following a post-FOMC equity rally in the US & APAC. Following the release of poor French PMIs and bleak German commentary, equities have edged off best levels. European sectors are firmer; Tech takes the top spot, with optimism permeating within the sector after strong Micron results and Basic Resources benefits from broader strength in base metal prices. US equity futures (ES +0.4%, NQ +0.7%, RTY +0.6%) are stronger, in a continuation of the prior day’s post-FOMC rally; Micron (+16% pre-market) is soaring after beating on EPS/Revenue and lifting guidance.
Top European News
EU New car registrations (Feb): +10.1% (prev. 12.1%); battery electric market share 12% (prev. 10.9%). EU27 New Car Registrations by Manufacturer (Y/Y). Volkswagen (VOW3 GY) +8.7%; Stellantis (STLAM IM/STLAP FP) +11.2%; Renault (RNO FP) +5.9%; BMW (BMW GY) +7.0%; Mercedes Benz Group (MBG GY) -2.1%; Volvo Cars (VOLCAR SS) +33.9%. (acea)
Portugal’s President named centre-right democratic alliance leader Luis Montenegro as the new PM, according to Reuters.
FX
USD is attempting to claw back post-FOMC losses with some help via EZ-PMI releases. DXY still has some way to go to close the gap to yesterday’s best at 104.14. High print for today at 103.66 coincides with the 200DMA.
EUR has been dragged lower by EZ PMIs which were indicative of the composite figure approaching neutral territory; EUR/USD on a 1.09 handle after slipping to a low of 1.0888.
GBP is a touch softer vs. the USD but near post-FOMC highs which saw Cable peak at 1.2803. UK PMIs saw services and composite miss but the manufacturing print edge closer to neutral. Focus ahead is firmly on the BoE.
JPY pausing for breath vs. the USD after vaulting to a high of 151.81 yesterday, which saw the pair stop shy of the 2023 high at 151.91 and 2022 peak at 151.94.
AUD the best performer across the majors following encouraging jobs metrics. AUD/USD as high as 0.6634 but unable to breach last week’s best at 0.6638. NZD marginally higher vs. USD despite the surprise contraction in Q4 GDP data.
CHF is the clear laggard across the majors as the SNB surprises with a 25bps rate cut and reiterates a willingness to intervene in the FX market. EUR/CHF as been as high as 0.9782 to its highest level since July last year; 0.9842 was the high that year.
An unchanged announcement from the Norges Bank but one which sparked NOK strength given the repo path has not formalised a Q4-2024 rate cut as some were hoping for. As such, EUR/NOK slipped from 11.5300 to 11.4857. However, a modest dovish move was seen on Governor Bache indicating the first cut is “likely” in September.
PBoC set USD/CNY mid-point at 7.0942 vs exp. 7.1792 (prev. 7.0968).
Fixed Income
Choppy price action for Bunds owing to varied PMIs from France and Germany. The former sparked a dovish reaction with Bunds lifting from 131.90 to 132.72, whilst the German metrics sent Bunds back down to 131.85, though downside was shortlived given the Manuf. miss and SNB rate cut.
USTs are underpinned by the dovish fixed narrative which is dictating EGBs/Gilts into the BoE post-SNB/PMIs. Action which has taken USTs to a 110-24+ high, eclipsing the post-FOMC 110-22 peak.
Gilt price action is in-fitting with EGBs and as such approached their own PMIs with gains of around 30 ticks on the session. A release which saw two-way action with Gilts initially slipping to 99.24 (strong Manuf.) before rebounding to 99.46 (Comp. & Serv. miss); BoE up next.
France sells EUR 12.498bln vs exp. EUR 11-12.5bln 2.50% 2027, 2.75% 2029, and 1.50% 2031 OAT
Commodities
Crude was initially firmer after the Fed-induced Dollar decline coupled with broader risk appetite, and geopolitics. However, the complex then trimmed gains after PMIs for France and Germany painted a bleak economic recovery picture; Brent is now lower on the session and just shy of USD 86/bbl.
Precious metals extend on post-Powell gains despite an attempted recovery in the Dollar, with spot gold topping USD 2,200/oz to fresh ATHs in APAC trade while spot silver gained status above USD 25.50/oz.
Base metals are higher across the board in the after-math of the FOMC which boosted broader market sentiment.
Geopolitics
US military said coalition forces destroyed an unmanned aerial vehicle fired by Yemen’s Houthis in the Red Sea and destroyed an unmanned surface vessel on March 20th, according to Reuters.
Australia and Britain signed a defence pact which includes a status of forces agreement and makes it easier for the respective forces to operate together in each other’s countries, while the agreement also formalises the established practice of consulting on issues that affect our sovereignty and regional security.
“Al-Arabiya sources: Pressure on Israel to postpone the Rafah operation for at least 45 days”, according to Al Arabiya; “The mediators and America rejected a preliminary Israeli proposal on the military operation in Rafah”
US Event Calendar
08:30: March Initial Jobless Claims, est. 213,000, prior 209,000
March Continuing Claims, est. 1.82m, prior 1.81m
08:30: 4Q Current Account Balance, est. -$209b, prior -$200.3b
08:30: March Philadelphia Fed Business Outl, est. -2.5, prior 5.2
09:45: March S&P Global US Manufacturing PM, est. 51.8, prior 52.2
March S&P Global US Services PMI, est. 52.0, prior 52.3
March S&P Global US Composite PMI, est. 52.2, prior 52.5
10:00: Feb. Existing Home Sales MoM, est. -1.3%, prior 3.1%
10:00: Feb. Leading Index, est. -0.1%, prior -0.4%
DB’s Jim Reid concludes the overnight wrap
Considering that US inflation has surprised notably on the upside this year, last night saw a remarkably relaxed Fed as Chair Powell indicated that January’s higher inflation could have been seasonal, and that February’s print had already seen improvements. The dots continued to show three cuts for 2024 and alongside a dovish-leaning press conference, this drove equities higher and yields lower, especially at the front end.
In terms of the details, the statement was little changed as the FOMC continued to see that “ it will likely be appropriate to begin dialing back policy restraint at some point this yea r” while wanting to gain “greater confidence that inflation is moving sustainably toward 2%”.
The dot plot showed the median 2024 dot unchanged at three cuts this year. This came even as 2024’s economic projections were revised higher, with real GDP growth revised up from 1.4% to 2.1%, core PCE inflation up two-tenths to 2.6%, and unemployment a tenth lower to 4.0%. Our US economists note that this forecast implies core PCE averaging 19bps a month for the rest of the year – only a little above the 2% target run rate. So a pretty Goldilocks take for now even if this was accompanied by 25bp upward revisions to the 2025-26 median dots, and a larger share of FOMC members seeing inflation risks as tilted to the upside.
Powell’s press conference also erred on the dovish side, with his comments notably suggesting that the upside inflation data for January and February did not alter the Fed’s baseline, with the inflation story “essentially the same”. He also mentioned a couple of times that unexpected labor market weakening could warrant a policy response (though the FOMC did not see this currently), while expressing no concern about the ongoing easing in financial conditions.
When asked about rate cut timing, Powell made no effort to rule out the possibility of a May move, saying the FOMC “didn’t make any decisions about future meetings”. Our US economists continue to expect the first rate cut to come in June with 100bps of cuts in total this year, but with risks skewed to a more hawkish outcome. See their full reaction here.
On the balance sheet side, Powell indicated that a decision on slowing the pace of QT would come “fairly soon”. He emphasized that slowing QT did not equate to stopping it, noting that moving to a slower run-off pace could actually allow for a greater reduction in the balance sheet over time by reducing the risk of liquidity problems emerging.
Following the FOMC, futures dialled up the probability of a June cut to 84% from 66% the previous day, with 84bps of cuts now priced by year-end (+10.7bps on the day). This backdrop saw a bull steepening of the Treasury curve, as 2yr yields fell by -8.1bps while 10yr yields were down -2.0bps on the day to 4.27% (and closing near their pre-FOMC levels). This came as higher breakevens offset most of a -5.9bps decline in 10yr real yields. The 2s10s slope reached its steepest level in over month at -33.2bps. And overnight, there’s been a further decline in yields, with those on 10yr Treasuries down another -0.8bps.
Equities basked in a risk-on mood following the Fed, with the S&P 500 (+0.89%), NASDAQ (+1.25%) and Dow Jones (+1.03%) all reaching new records. Small-caps led the gains, with the Russell 2000 up +1.92%, whilst the VIX index of volatility fell to its lowest since early February (-0.78pts to 13.04).
That rally has continued in Asia overnight, with strong advances for the Nikkei (+1.97%), the Hang Seng (+1.80%) and the KOSPI (+2.18%). Moreover, US equity futures are pointing to further gains, with those on the S&P 500 up +0.40%. That comes amidst some strong data releases, as we’ve started to get the March flash PMI releases from around the world. For instance in Japan, the composite PMI rose to 52.3 in March, which is the highest it’s been since August. Likewise in Australia, the composite PMI was up to 52.4, the highest since April. And Australia also had some strong employment data for February as well, with employment up by +116.5k (vs. +40.0k expected). However, even as markets have been positive for the most part, there have been losses for Chinese equities, with the CSI 300 (-0.11%) and the Shanghai Comp (-0.14%) both seeing modest declines.
In FX, the Japanese yen (+0.32%) has strengthened against the dollar, trading at 150.90 this morning after the Nikkei newspaper reported that investors were speculating about another hike in July or October. Before the news broke out, the Japanese yen was trading at 151.91, within a whisker of its post-1990 low.
Before the Fed, European markets had struggled to gain much traction yesterday, with the STOXX 600 unchanged (-0.00%) by the close. That came as ECB President Lagarde stuck to her previous message on monetary policy, saying that “when it comes to the data that is relevant for our policy decisions, we will know a bit more by April and a lot more by June.” That’s meant investors continue to see the June meeting as the most likely for an initial rate cut, and sovereign bonds were also fairly subdued in response. So there was only a modest decline in yields across most of the continent, with those 10yr bunds (-1.8bps) and OATs (-1.1bps) falling slightly.
The main exception to that pattern was in the UK, where 10yr gilts fell by a larger -4.6bps after the latest CPI release surprised on the downside. That showed headline CPI falling to +3.4% in February (vs. +3.5% expected), which is the lowest since September 2021. Moreover, core CPI fell to a two-year low of +4.5% (vs. +4.6% expected). In turn, that led investors to dial up the chance of rate cuts this year, and the chance of a cut by the June meeting moved up from 52% on Tuesday to 58% by the close yesterday.
That inflation release comes ahead of the Bank of England’s latest policy decision today, where they’re widely expected to keep rates on hold as well. So the focus will instead be on any signals about the timing of future rate cuts, along with the vote split. In his preview (link here), our UK economist Sanjay Raja sees the risks skewed towards a dovish surprise, but thinks that the MPC will stick to its February guidance that Bank Rate is restrictive and “will need to remain restrictive for sufficiently long to return inflation to the 2% target”.
Lastly, there was some marginally brighter data from the Euro Area, as the European Commission’s preliminary consumer confidence indicator rose to -14.9 in March (vs. -15.0 expected). That was the highest reading since February 2022, just before Russia’s invasion of Ukraine began.
To the day ahead now, and the main data highlight will be the flash PMIs for March. Alongside that, we’ll get the US weekly initial jobless claims, the Conference Board’s leading index for February, existing home sales for February, the Philadelphia Fed’s business outlook for March, and the Q4 current account balance. From central banks, there’s a policy decision from the Bank of England, and we’ll hear from Fed Vice Chair for Supervision Barr. Today’s earnings releases include Nike and FedEx. And in the political sphere, a summit of EU leaders is taking place in Brussels.
2 B) NOW NEWSQUAWK (EUROPE/REPORT)
Equities climb higher, AUD bid post-jobs data & Bonds benefit from EZ PMIs; US IJC due – Newsquawk US Market Open
THURSDAY, MAR 21, 2024 – 06:56 AM
Equities firmer in a continuation of the post-Fed rally; European bourses off best after EZ PMIs
Dollar stronger, AUD bid post-jobs data and CHF lower after SNB cut rates by 25bps
Bonds higher taking impetus from the poor French PMI and dire accompanying German commentary
Crude pares initial gains, base metals benefit from risk sentiment
Looking ahead, US IJC, Fed’s Barr, Supply from the US, Earnings from FedEx, Nike
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EUROPEAN TRADE
EQUITIES
European equities, Stoxx600 (+0.4%) are entirely in the green, with sentiment lifted following a post-FOMC equity rally in the US & APAC. Following the release of poor French PMIs and bleak German commentary, equities have edged off best levels.
European sectors are firmer; Tech takes the top spot, with optimism permeating within the sector after strong Micron results and Basic Resources benefits from broader strength in base metal prices.
US equity futures (ES +0.4%, NQ +0.7%, RTY +0.6%) are stronger, in a continuation of the prior day’s post-FOMC rally; Micron (+16% pre-market) is soaring after beating on EPS/Revenue and lifting guidance.
Click here and here for the sessions European pre-market equity newsflow, including earnings.
USD is attempting to claw back post-FOMC losses with some help via EZ-PMI releases. DXY still has some way to go to close the gap to yesterday’s best at 104.14. High print for today at 103.66 coincides with the 200DMA.
EUR has been dragged lower by EZ PMIs which were indicative of the composite figure approaching neutral territory; EUR/USD on a 1.09 handle after slipping to a low of 1.0888.
GBP is a touch softer vs. the USD but near post-FOMC highs which saw Cable peak at 1.2803. UK PMIs saw services and composite miss but the manufacturing print edge closer to neutral. Focus ahead is firmly on the BoE.
JPY pausing for breath vs. the USD after vaulting to a high of 151.81 yesterday, which saw the pair stop shy of the 2023 high at 151.91 and 2022 peak at 151.94.
AUD the best performer across the majors following encouraging jobs metrics. AUD/USD as high as 0.6634 but unable to breach last week’s best at 0.6638. NZD marginally higher vs. USD despite the surprise contraction in Q4 GDP data.
CHF is the clear laggard across the majors as the SNB surprises with a 25bps rate cut and reiterates a willingness to intervene in the FX market. EUR/CHF as been as high as 0.9782 to its highest level since July last year; 0.9842 was the high that year.
An unchanged announcement from the Norges Bank but one which sparked NOK strength given the repo path has not formalised a Q4-2024 rate cut as some were hoping for. As such, EUR/NOK slipped from 11.5300 to 11.4857. However, a modest dovish move was seen on Governor Bache indicating the first cut is “likely” in September.
PBoC set USD/CNY mid-point at 7.0942 vs exp. 7.1792 (prev. 7.0968).
Choppy price action for Bunds owing to varied PMIs from France and Germany. The former sparked a dovish reaction with Bunds lifting from 131.90 to 132.72, whilst the German metrics sent Bunds back down to 131.85, though downside was shortlived given the Manuf. miss and SNB rate cut.
USTs are underpinned by the dovish fixed narrative which is dictating EGBs/Gilts into the BoE post-SNB/PMIs. Action which has taken USTs to a 110-24+ high, eclipsing the post-FOMC 110-22 peak.
Gilt price action is in-fitting with EGBs and as such approached their own PMIs with gains of around 30 ticks on the session. A release which saw two-way action with Gilts initially slipping to 99.24 (strong Manuf.) before rebounding to 99.46 (Comp. & Serv. miss); BoE up next.
Crude was initially firmer after the Fed-induced Dollar decline coupled with broader risk appetite, and geopolitics. However, the complex then trimmed gains after PMIs for France and Germany painted a bleak economic recovery picture; Brent is now lower on the session and just shy of USD 86/bbl.
Precious metals extend on post-Powell gains despite an attempted recovery in the Dollar, with spot gold topping USD 2,200/oz to fresh ATHs in APAC trade while spot silver gained status above USD 25.50/oz.
Base metals are higher across the board in the after-math of the FOMC which boosted broader market sentiment.
SNB cut its Policy Rate by 25bps to 1.50% (exp. 1.75%); FX language reiterated “willing to be active in the foreign exchange market as necessary”, Ready to intervene in FX; Loosening permitted by inflation progress. Click here for details.
SNB Chairman Jordan says that rates were able to be lowered as the fight against inflation has been effective. Says we give no forward guidance on future interest rates and will see where we are in 3 months time. Says we remain willing to sue balance to be active on forex market and could be sales of purchases; situation in ME is tricky; neither sales of forex are in focus at the moment
Norges Bank maintains its Key Policy Rate at 4.50% as expected; reiterates guidance that “policy rate will likely need to be maintained at the current level for some time ahead”. Click here for more details.
Norges Bank Governor Bache says the rate path indicates a cut is most likely in September, second rate cut indicated by end of Q1’25
Taiwan hikes its benchmark interest rate to 2.0% from 1.875%
NOTABLE EUROPEAN HEADLINES
EU New car registrations (Feb): +10.1% (prev. 12.1%); battery electric market share 12% (prev. 10.9%). EU27 New Car Registrations by Manufacturer (Y/Y). Volkswagen (VOW3 GY) +8.7%; Stellantis (STLAM IM/STLAP FP) +11.2%; Renault (RNO FP) +5.9%; BMW (BMW GY) +7.0%; Mercedes Benz Group (MBG GY) -2.1%; Volvo Cars (VOLCAR SS) +33.9%. (acea)
Portugal’s President named centre-right democratic alliance leader Luis Montenegro as the new PM, according to Reuters.
PMI DATA
French HCOB Services Flash PMI (Mar) 47.8 vs. Exp. 48.7 (Prev. 48.4); HCOB Manufacturing Flash PMI (Mar) 45.8 vs. Exp. 47.5 (Prev. 47.1); HCOB Composite Flash PMI (Mar) 47.7 vs. Exp. 48.6 (Prev. 48.1); Softer across the board sparking a fleeting dovish reaction.
German HCOB Manufacturing Flash PMI (Mar) 41.6 vs. Exp. 43.1 (Prev. 42.5); HCOB Services Flash PMI (Mar) 49.8 vs. Exp. 48.8 (Prev. 48.3); HCOB Composite Flash PMI (Mar) 47.4 vs. Exp. 47 (Prev. 46.3); “Germany is not getting back on track; Overall, Germany now teeters on the edge of a technical recession; our GDP nowcast is at -0.3%. This corresponds to the rate of contraction in the fourth quarter of 2023.”; downbeat commentary & dovish SNB continued the post-France dovish move.
EU HCOB Composite Flash PMI (Mar) 49.9 vs. Exp. 49.7 (Prev. 49.2); HCOB Manufacturing Flash PMI (Mar) 45.7 vs. Exp. 47 (Prev. 46.5); HCOB Services Flash PMI (Mar) 51.1 vs. Exp. 50.5 (Prev. 50.2).
UK Flash Composite PMI (Mar) 52.9 vs. Exp. 53.1 (Prev. 53); Flash Services PMI (Mar) 53.4 vs. Exp. 53.8 (Prev. 53.8); Flash Manufacturing PMI (Mar) 49.9 vs. Exp. 47.8 (Prev. 47.5); “The survey data are indicative of first quarter GDP rising 0.25% to thereby signal a reassuringly solid rebound from the technical recession seen in the second half of 2023”.
French Business Climate Mfg (Mar) 102.0 vs. Exp. 100.0 (Prev. 100.0, Rev. 101)
EU Current Account NSA, EUR (Jan) 24.87B (Prev. 42.66B); Current Account SA, EUR (Jan) 39.35B (Prev. 31.95B)
NOTABLE US HEADLINES
Nvidia (NVDA) – Announced that Q1 2025 earnings would be published on May 22nd, 2024. Separately, CEO told CNBC that Nvidia has created markets that did not exist before, rather than take share from existing markets. Added that the most important thing for a country is to create its own sovereign AI.
Micron Technology (MU) – Its share price surged 18% higher afterhours on a profit beat and solid outlook. Q4 adj. EPS 0.42 (exp. -0.25), Q4 revenue USD 5.824bln (exp. 5.34bln). Said AI demand and tight supply accelerated its return to profitability. Expects DRAM and NAND pricing levels to increase further throughout 2024. Expects bit demand growth for the industry to be near the long-term CAGR for DRAM in 2024; expects 2024 industry supply to be below demand for both DRAM and NAND. Said inventories for memory and storage have improved significantly in the data centre unit; In the data centre segment, total industry server unit shipments are expected to grow mid to high single digits in calendar year 2024. Sees Q3 adj. Plans Q3 capex higher than in Q2. Now expects positive FCF in fiscal Q3 and Q4. EPS at 0.45 (exp. 0.17), and sees Q3 revenue of USD 6.6bln (exp. 5.976bln). Sees 2024 front-end cost reductions, excluding the impact of HBM, to track in line with long-term expectations. Sees record revenue and much improved profitability in FY25.
Apple (AAPL) – AAPL’s shares fell 1.3% afterhours on news that the DoJ plans to sue Apple for antitrust violations, which could be announced on Thursday, alleging it blocked rivals from iPhone features, Bloomberg reports. The report said it signals an intensification of the Biden Administration’s tech antitrust battles, including recent cases against Google (GOOG), Meta Platforms (META), and Amazon (AMZN).
GEOPOLITICS
US military said coalition forces destroyed an unmanned aerial vehicle fired by Yemen’s Houthis in the Red Sea and destroyed an unmanned surface vessel on March 20th, according to Reuters.
Australia and Britain signed a defence pact which includes a status of forces agreement and makes it easier for the respective forces to operate together in each other’s countries, while the agreement also formalises the established practice of consulting on issues that affect our sovereignty and regional security.
“Al-Arabiya sources: Pressure on Israel to postpone the Rafah operation for at least 45 days”, according to Al Arabiya; “The mediators and America rejected a preliminary Israeli proposal on the military operation in Rafah”
CRYPTO
Bitcoin climbed back to best levels at USD 68k, before paring back to around the USD 66k level.
APAC TRADE
APAC stocks were mostly underpinned after the fresh record levels on Wall St post-dovish FOMC where the Fed maintained the projection for 3 rate cuts in 2024 and Powell downplayed recent hot inflation data.
ASX 200 strengthened with sentiment also helped by a stellar jobs report and a fall in unemployment, while gold miners outperformed after the precious metal rose above USD 2,200/oz to a new all-time high.
Nikkei 225 rallied from the open to unprecedented levels north of 40,800 despite recent hawkish source reports.
Hang Seng and Shanghai Comp. were mixed in which the Hong Kong benchmark rallied to just shy of the 17,000 level amid strength in the property sector and as the Fed projection for three rate cuts keeps similar action on the table for the HKMA. Conversely, the mainland lagged as the PBoC injected the least amount of funds in its open market operations since August last year despite the PBoC’s Deputy Governor reaffirming that China’s monetary policy has ample room and there is still room for cutting RRR.
NOTABLE ASIA-PAC HEADLINES
HKMA maintained its base rate unchanged at 5.75%, as expected. HKMA said financial and monetary markets in Hong Kong continue to operate in a smooth and orderly manner, while it added that the HKD exchange rate remains stable and Hong Kong dollar interbank rates might remain high for some time.
PBoC Deputy Governor Changneng Xuan said they will promote effective investment and help resolve excess capacity, while he added that China’s monetary policy has ample room and there is still room for cutting RRR. PBoC Deputy said he expects China’s nominal economic growth to be around 8% in 2024 and will maintain appropriate growth in credit and total social financing, while they will guide banks to lower deposit rates and lower financing costs, support consumption and investment, as well as promote a rebound in prices.
China’s Vice Finance Minister said fiscal policy will provide the necessary support for achieving the 2024 growth target and China’s government debt is at an appropriate level, while he said China has continued to reduce the overall level of tariffs, which has now been reduced to 7.3% and is relatively low in the world, according to Reuters and Global Times.
China state planner vice chair said they will speed up approval for investment projects and that total bond funds for government investment will exceed CNY 6tln, while they will step up support for private investment and encourage private firms to participate in infrastructure investment projects, according to Reuters.
BoJ Governor Ueda said the BoJ is expected to maintain an accommodative monetary policy for the time being and accommodative monetary policy is likely to underpin the economy, while he added that cost-push pressure on inflation is dissipating but service prices continue to rise moderately and the preliminary wage negotiation outcome tends to be revised down but even so, they thought the final outcome would be a fairly strong number. BoJ Governor Ueda said as they end massive stimulus, they will likely gradually shrink the balance sheet and at some point reduce JGB purchases but at present, they have no clear idea regarding the timing of reducing JGB buying and scaling back the size of the balance sheet. Furthermore, he said they are not immediately thinking of selling BoJ’s ETF holdings and will take plenty of time examining how to reduce ETF holdings.
BoJ is reportedly seen weighing the next rate hike in July or October as the Yen weakens, according to Nikkei. A source noted that additional hikes are of course on the table and that an early hike leaves room for the BoJ to consider rolling out another increase before the end of the year, while the timeline would keep the BoJ coming off like they are rushing to hike rates. Furthermore, it was stated that a growing number see a July rate boost as another possibility if a weak yen raises the price of imports and accelerates inflation, forcing the BoJ to step in. It was earlier reported that the Yen’s decline appears to be raising little alarm at the BoJ for now which was to be expected given that Governor Ueda is maintaining an accommodative stance on policy, according to a source at the BoJ cited by Nikkei. However, it was noted that some at Japan’s Finance Ministry are wary of rapid fluctuations in the currency market driven by speculative trades.
Fitch expects BoJ to raise policy rate to 0.25% by 2025.
CNOOC (600938 CH) FY (CNY) IFRS Net 123.84bln (exp. 130.33bln); In 2024, will insist on increasing oil and gas reserves and production; ongoing recovery trajectory in China will support demand for oil and gas
DATA RECAP
Japanese Trade Balance (JPY)(Feb) -379.4B vs. Exp. -810.2B (Prev. -1760.3B); Exports YY (Feb) 7.8% vs. Exp. 5.3% (Prev. 11.9%); Imports YY (Feb) 0.5% vs. Exp. 2.2% (Prev. -9.6%, Rev. -9.8%)
Japanese Manufacturing PMI Flash SA (Mar) 48.2 (Prev. 47.2); Services PMI Flash SA (Mar) 54.9 (Prev. 52.9); Composite Flash SA (Mar) 52.3 (Prev. 50.6)
Australian Employment (Feb) 116.5k vs. Exp. 40.0k (Prev. 0.5k); Unemployment Rate (Feb) 3.7% vs. Exp. 4.0% (Prev. 4.1%); Participation Rate (Feb) 66.7% vs. Exp. 66.8% (Prev. 66.8%)
New Zealand GDP YY (Q4) -0.3% vs. Exp. 0.1% (Prev. -0.6%)
Source: Newsquawk
2C ASIA AFFAIRS
THURSDAY MORNING/WEDNESDAY NIGHT
SHANGHAI CLOSED DOWN 2.57 PTS OR 0.08% //Hang Seng CLOSED UP 320.03 PTS OR 1.93% / Nikkei CLOSED UP 812.06 PTS OR 2.03% //Australia’s all ordinaries CLOSED UP 1.13% /Chinese yuan (ONSHORE) closed DOWN 7.1990 //OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.2138 /Oil DOWN TO 80.99 dollars per barrel for WTI and BRENT UP AT 85.66/ Stocks in Europe OPENED MOSTLY ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
JAPAN
3 CHINA
CHINA/
END
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
UK
Bank of England hold rates at 5.25% but signal rates coming down:
(zerohedge)
BoE Holds Rates At 5.25%, But Says Things “Moving In Right Direction”
THURSDAY, MAR 21, 2024 – 08:11 AM
As expected, The Bank of England (BoE) kept interest rates on hold at 5.25% for the fifth successive meeting, as evidence grows that inflation is falling.
Once again, BoE said that policy would have to stay restrictive for “an extended period of time” even though it expects the annual rate of inflation to fall below its 2% target during the second quarter.
“We are not yet at the point where we can cut interest rates, but things are moving in the right direction,” said BOE Gov. Andrew Bailey.
Additionally, as Bloomberg reports, the central bank said there are indications that previous increases in its key rate are weighing on economic activity and are “leading to a looser labor market.”
It also noted that wages rises are slowing.
U.K. inflation fell to a 2.5-year low of 3.4% in February — more than anticipated — and is now not far off the Bank of England’s target rate of 2%.
Cable weakened on the BoE statement, erasing yesterday’s Powell-driven gains (dollar weakness)…
Source: Bloomberg
However, there are signs that the central bank is edging toward a cut.
Monetary Policy Committee members Jonathan Haskel and Catherine L. Mann had previously supported a further increase in the key rate, but changed their view and voted with the majority.
For the second straight meeting, MPC member Swati Dhingra voted for a cut in the key rate to 5%.
As Mohamed El-Erian noted on X, “the spotlight now is on the commentary, including the extent to which it correlates with yesterday’s dovish tone and content from Fed Chair Powell.”
END
UK
this is London now;
London’s Kings Cross Station Removes Islamic Messages From Display Boards After Backlash
The company that operates trains at Kings Cross station in London has removed Islamic messages on information boards about “sinners” who must “repent” after a massive backlash.
As we highlighted yesterday, Network Rail was pairing big board announcements of train delays and cancellations with Islamic hadiths to mark Ramadan, the religious holy month.
Following a huge amount of complaints, a Network Rail spokesperson commented “We value the feedback of our passengers and while these messages were intended to celebrate the beliefs and backgrounds of some of our colleagues and passengers, we have removed them.”
The statement continued, “Over recent years, King’s Cross has celebrated significant religious and secular events from all cultures including Easter, Diwali, Passover, Ramadan, and Remembrance Day, however we will now review how occasions can be marked in the future.”
Network Rail removes Islamic message on King’s Cross display boards after fierce criticism
Speaking to GB News, Stephen Evans, chief executive of the National Secular Society, said “At best it’s a well-meaning yet misguided and counterproductive attempt at inclusivity.”
“Such gestures suggest favouritism, generating resentment and the inevitable demands from other religious or identity groups for equal recognition,” Evans added.
“Religious messages like this undermine the principle of neutrality. Maintaining such neutrality in public spaces and services is the best way of nurturing a fair and inclusive society that respects all individuals, regardless of their beliefs or backgrounds,” he further urged.
The development comes as central London has been adorned with extensive Ramadan decorations, with no such decorations being planned for Lent or any other Christian feasts, despite Britain being a majority Christian country.
“Lights and decorations have been set up around Picadilly Circus in London, United Kingdom for the first time, to celebrate the arrival of Ramadan.”
·
318.4K Views
Network Rail continually engages in such virtue signalling gestures. As we previously highlighted, London Bridge rail station turned an entire column within the building into a ‘Pride’ display in February to celebrate ‘LGBT+ History Month’.
The display contained transgender and intersex flags that many pointed out are actively hostile to the rights of women and gay people.
It also transpired that the employee who oversaw the installation has a long history of posting offensive anti-women comments and material making light of child sexual abuse on social media.
Others simply requested that Network Rail focus solely on making trains run on time, rather than engaging in cultural indoctrination.
end
SWITZERLAND
Swiss Franc tumbles after a surprise SNB rate cut. This is just the beginning of everybody cutting rates
(zerohedge)
Swissy Tumbles After SNB Surprises With Rate-Cut
THURSDAY, MAR 21, 2024 – 07:38 AM
The Swiss National Bank (SNB) announced a surprise cut to interest rates on Thursday in a sign of policymakers’ confidence over falling inflation.
The SNB cut its key interest rate by 25bps to 1.50%, acting months before global peers may follow suit as policymakers try to prevent gains in the franc… and sure enough the franc tumbled…
While the move was a surprise, banks including Barclays and Citigroup had been preparing for a cut.
Meanwhile, CFTC positioning data show leveraged funds, which include hedge funds, boosted their bets for a weaker franc to their biggest in a year last week.
The SNB summed the decision up thus:
“The easing of monetary policy has been made possible because the fight against inflation over the past two and a half years has been effective.
For some months now, inflation has been back below 2 per cent and thus in the range the SNB equates with price stability.
According to our new forecast, inflation is also likely to remain in this range over the next few years. With our decision, we are taking into account the reduced inflationary pressure as well as the appreciation of the Swiss franc in real terms over the past year.”
And indeed it has…
As Bloomberg notes, the SNB has long been unafraid to jolt investors with abrupt action, and this cut adds another chapter to that history.
Previous instances include its 2015 abandonment of the cap on the franc, and its surprise 50 basis-point hike in borrowing costs in 2022.
end
GERMANY
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS.
ISRAEL HAMAS/USA
Johnson mulling inviting Netanyahu to address Congress after Schumer’s stupid blistering words
(zerohedge)
Speaker Johnson Mulls Inviting Netanyahu To Address Congress After Schumer’s Blistering Words
WEDNESDAY, MAR 20, 2024 – 04:40 PM
In what would be a huge opposing shot across the bow following last week’s Chuck Schumer speech denouncing Benjamin Netanyahu, Republican House Speaker Mike Johnson says he might invite the Israeli prime minister to address Congress.
“It’s one of the things that we have in mind, and we may try to arrange for that,” Johnson told reporters after the idea was reportedly raised in a meeting with other House lawmakers. “I think it’s very important for us to show solidarity and support for Israel right now in their time of great struggle, and we certainly stand for that position, and we’ll try to advance that in every way that we can,” he added.
Johnson further indicated he had a Wednesday morning phone call with Netanyahu. “I had a lengthy conversation this morning with Prime Minister Netanyahu and reiterated to him the House Republicans’ strong support for Israel,” he confirmed.
Axios was the first to report the development, and detailed:
“It was suggested by several folks” to House Speaker Mike Johnson (R-La.), one House Republican said.
Rep. John Duarte (R-Calif.), who also confirmed the discussion, said there is “strong support to show respect for Israel’s sovereignty.”
However, as CNN notes “An invitation to address a joint session of Congress would require buy-in from Senate Majority Leader Chuck Schumer” — a very uncertain prospect given Schumer lambasted Netanyahu in his Thursday address, and went so far as to call for new elections.
Netanyahu’s office and Likud officials have since complained that Schumer’s words were tantamount to ‘interference’ in Israeli democracy. A senior Israeli official had also slammed the Biden administration in remarks to the Jerusalem Post, saying, “We expect our friends to act to overthrow the terror regime of Hamas and not the elected government in Israel.”
No doubt many Republicans, and even some Democrats, feel the same way. Schumer’s words were a shock and felt like an earthquake in Israel, given also he was seen as personally close to Netanyahu.
Biden had called Schumer’s criticisms, wherein he said Israel risked becoming a “pariah” under Netanyahu, a “good speech”…
Still, the fact remains that even as Netanyahu violates Biden’s red lines on Rafah and humanitarian issues in Gaza, the administration says it will not halt weapons transfers to Tel Aviv. Biden has yet to so much as attach conditions to the supply of weapons, but there have been reports of Washington slowing deliveries of arms and ammo.
end
ISRAEL/HAMAS/SHIFA
‘Death or surrender’: IDF arrest 650, kills 140 terrorists in Shifa Hospital
IDF estimates are that there are an additional 50 Hamas fighters to subdue within the Shifa Complex, of which 20 may have significant roles.
IDF troops operating in the Gaza Strip, March 20, 2024.
The IDF announced on Thursday that in its four-day operation in Shifa Hospital in northern Gaza, it has now killed around 140 terrorists from Hamas and Islamic Jihad, as well as arrested around 650 additional terrorists.
This was a significant jump from the 90 killed and 160-350 arrested, which the IDF confirmed on Wednesday.
Curiously, the IDF said that all of the Islamic Jihad operatives in the area quickly surrendered, whereas Hamas’s forces were split into two groups, with one large group also surrendering en masse and one large group continuing to resist.
According to the IDF, this second group’s continued fighting could prolong the operation for several additional days.
IDF estimates are that there are an additional 50 Hamas fighters to subdue within the Shifa Complex, of which 20 may have significant roles.
Israeli raid at Al Shifa hospital and the area around it, in Gaza City (credit: REUTERS/DAWOUD ABU ALKAS)
IDF sources said that the operation had been planned for over a month.
Previously, The Jerusalem Post had reported that the operation had been carefully planned for some time, but it was unclear whether the planning went back a week or longer.
Such an extensive period of time indicates that the IDF may have intentionally waited longer for more terrorist senior officials to arrive before attacking.
Senior terrorist officials captured and killed
Gaza City Intelligence Surveillance-Lookout Chief Husam Salame and Information Warfare Head Wasem Salame were both among the senior Islamic Jihad officials whom the IDF captured.
Senior Hamas officials whom the IDF captured included Nablus Terror Head Amad Atzida, Hamdala Hassan Ali, who has managed much of the terror in the Qalqilya area, and the previously announced arrest of Mahmoud Kawasme, the last terrorist conspirer connected to the kidnapping and murder of three Israeli teenagers in 2014.
Some IDF sources explained that the terror groups likely returned to Shifa, despite the IDF already having cleaned it out in November 2023, because they did not expect the military to return to the hospital in the middle of Ramadan, with a rise in global criticism of Israel, and with hostage negotiations at a critical point.
These IDF sources said that the paradigm for IDF action in Gaza has shifted, and it is now ready to act anywhere and anytime, regardless of the human shields Hamas hides behind.
In addition, IDF sources said that the military’s level of intelligence now in Gaza is at unprecedented levels due to having achieved operational control, even in areas where it seems troops have abandoned.
IDF sources also described additional details of the operation, including that the first forces started moving toward and into Shifa at 2:15 a.m., with the compound surrounded by 2:30 a.m.
Next, Shayetet 13 and Nahal forces penetrated two different areas, followed only a few minutes later by two other separate forces penetrating, including the 424th battalion and a mix of the 52nd and 401st battalions.
Around 6,000 civilians were also evacuated, but unlike the November operation when there was no inspection of evacuees, these civilians were evacuated with a careful inspection to catch all of the terrorists.
END
ISRAEL/GAZA/HAMAS
this is why you cannot have a two state solution: 70% of Palestinians still maintain HAMAS WAS CORRECT TO COMMIT OCT 7 ATROCITIES.
Illustrative: Hamas supporters in the West Bank city of Hebron demonstrate on January 2, 2024, against an Israeli strike in Lebanon that killed the terror group’s deputy leader. (Hazem Bader/AFP)
A new poll released by the Palestinian Center for Policy and Survey Research finds declining levels of support for Hamas in both the Gaza Strip and West Bank, though the percentage who believe the terror group’s October 7 onslaught was “correct” is virtually unchanged.
According to the survey, 71% of Palestinians in Gaza and the West Bank back the October 7 massacres in which in terrorists killed some 1,200 people and kidnapped 253 others, versus 72% who said so when the organization’s previous poll was published in December.
While the overall figure remained steady, support for atrocities increased from 57% to 71% in Gaza the past three months and dipped from 82% to 71% in the West Bank.
Along with Islamist group itself, respondents gave high marks to the Hamas leader in Gaza Yahya Sinwar over his conduct in the war, with 61% approving, though this was down some from 69% in December.
Among the other questions in the survey are who Palestinians would vote for if new parliament elections were held today. A plurality — 30% — say Hamas, followed by 14% for Palestinian Authority President Mahmoud Abbas’s Fatah movement, which was just below the 15% for none of the above. Six percent of respondents say they’ll back third parties while 36% won’t vote.
END
ISRAEL/HEZBOLLAH/
IDF jets hit a building used by Hezbollah in south Lebanon
(Jerusalem Post)
IDF says jets hit building used by Hezbollah in south Lebanon
A merchant vessel reported shots from a skiff approximately 109 nautical miles south of Yemen’s Nishtun, British security firm Ambrey says.
Four armed people aboard a skiff approached the vessel and reportedly shot at the merchant vessel, and a private armed security team aboard returned fire, Ambrey adds.
The vessel reportedly increased speed and was no longer under threat by the skiff, with no damage or injuries reported, Ambrey says.
Yemen’s Houthis have threatened to expand their operations against shipping to the Indian Ocean region. The Iran-backed group has been carrying out the attacks in what they say is retaliation for Israel’s war with Hamas in Gaza.
END
end
ISRAEL/GAZA/HAMAS/PORT
Netanyahu suggests new USA built port could help with aid but also deport Palestinians
(Jerusalem Post)
Netanyahu Suggests ‘New US-Built Port Could Help Deport Palestinians’
Israeli Prime Minister Benjamin Netanyahu has reportedly suggested that the new US-built makeshift port off Gaza, which was installed to help ship aid to the besieged enclave, could be used to deport Palestinians.
Washington earlier this month announced plans for the military to construct a “temporary” floating dock on Gaza’s coast to allow aid to enter more easily. “A temporary pier will enable a massive increase in the amount of humanitarian assistance getting into Gaza every day,” US President Joe Biden said.
However, speaking at a private meeting of the Knessett’s Foreign Affairs and Security Committee, Netanyahu suggested the port could also facilitate the removal of Palestinians from Gaza.
Netanyahu said there was “no obstacle” to the Palestinians leaving the Gaza Strip apart from the unwillingness of other countries to accept them, according to a Kann News journalist. Below is Netanyahu’s statement (machine translated) according to Kann correspondent Yaara Shapira:
“We are looking into how to distribute the aid in Gaza through non-local entities because Hamas failed the attempts to distribute it through local entities. Private companies are also being investigated. As far as the State of Israel is concerned, there is no obstacle for the Gazans to leave, maybe even the port they are building could be used for this, but there are no countries in the world that are ready to receive them.”
The suggestion was met with anger by Palestinians, who have long suggested the ultimate goal of Israel’s operations in Gaza was their removal from the region.
“He never gave up his dream of a complete ethnic cleansing of Palestinians in Gaza,” tweeted Mustafa Barghouti, leader of the Palestinian National Initiative, in response to the news.
With Gaza under total siege for nearly six months, the Palestinian health ministry has said that around one in three children are now acutely malnourished and two in 10,000 are dying of starvation.
Over half of the population are now on the verge of famine, with most in the northern governorates where humanitarian access is extremely limited.
The UN Food and Agriculture Organisation said on Monday that famine is expected in northern Gaza anytime between now and May. Israel has denied restricting the entry of aid to Gaza, claiming that the UN is responsible for blocking aid deliveries.
END
WEST BANK
3 terrorists slain in Jenin
(Jerusalem Post)
IDF: 3 terrorists slain in Jenin drone strike, including gunman who killed Israeli
Officials say among those targeted was a man who killed Meir Tamari in terror shooting in West Bank last year, suspects also involved in recent attempted suicide bombing
Palestinians stand near a car that was hit by an Israeli airstrike, in the West Bank city of Jenin, March 20, 2024. (Nasser Ishtayeh/Flash90)
Three Palestinian terror operatives were killed and another was seriously wounded in an Israeli drone strike on a car in the West Bank city of Jenin on Wednesday afternoon, the military and Palestinian health officials said.
The slain gunmen were named by Palestinian media as Ahmed Barakat, Muhammad Fayed and Mahmoud Rahhal. Seriously wounded in the strike was Muhammad Hawashin.
According to the Israel Defense Forces and Shin Bet security agency, the four were Palestinian Islamic Jihad operatives.
The IDF said Barakat carried out two major shooting attacks last year, including the killing of Meir Tamari near the West Bank settlement of Hermesh in May 2023, and another attack in the area in June 2023 that wounded four soldiers and one civilian.
Hawashin was identified by the Shin Bet as a commander of a local PIJ wing in Jenin.
The airstrike came as security forces in Jerusalem and the West Bank have been on high alert since Ramadan started last week. Tensions were already high between Israelis and Palestinians due to the war between Israel and Hamas in Gaza, triggered by the October 7 massacre, which saw Hamas terrorists murder about 1,200 people, mostly civilians, and kidnap 253.
Since October 7, the IDF has said troops have arrested some 3,500 wanted Palestinians across the West Bank, including more than 1,500 affiliated with Hamas.
Palestinians say over 400 people have been killed by Israeli forces in the West Bank since hostilities broke out, most while carrying out attacks or during clashes with IDF troops during nightly raids that have largely concentrated on a handful of areas in the northern West Bank. However, killings of innocent bystanders have also been alleged.
END
END
/RUSSIA/UKRAINE/
30 missiles fired in first Russian attack on Kiev in 44 days
(zerohedge)
Over 30 Missiles Used In First Russian Attack On Kiev In 44 Days
THURSDAY, MAR 21, 2024 – 09:45 AM
The Ukrainian capital of Kiev had not been targeted by airstrikes since February, but that changed when overnight and in the early morning hours Russian ballistic and cruise missiles rocked the city, reportedly wounding at least 13 people and causing damage to multiple buildings.
Ukraine officials said air defenses intercepted “about three dozen enemy missiles” and that rocket fragments fell on a kindergarten in the Sviatoshynskyi district and a residential building caught fire. It was the first large-scale strike on the capital in 44 days, and a appears a direct response to the last several days of Ukraine forces’ cross-border drone attacks on Russian territory.
The head of Ukraine’s air force Mykola Oleschuk said anti-air systems downed 31 missiles, counting among these two ballistic missiles and 29 cruise missiles, which points to a very large attack. The day prior, Russian missiles pummeled the northern city of Kharkiv, reportedly killing five.
President Zelensky in a statement said, “Such terror continues every day and night.” He went on to urgently appeal for more weapons, especially anti-air missile systems, mentioning the US-made Patriots by name.
“It is possible to put an end to it through global unity… Russian terrorists do not have missiles capable of bypassing Patriot and other leading world systems,” he said.
This is likely to give greater urgency to EU meetings in Brussels who are pushing forward a controversial plan which Moscow has decried as ‘theft’:
Later today, European Union leaders are scheduled to meet in Brussels to discuss the use of billions of euros in profits from frozen Russian financial assets to buy arms for Ukraine as they try to bolster Kyiv in its fight against Moscow’s invasion.
The bloc’s 27 national leaders, joined by Ukrainian president Volodymyr Zelensky via video link, will also debate how Europe can do more to defend itself and boost its arms industry, reflecting fears that the US may not be such a staunch protector of Europe in future.
A Thursday cross-border attack from Ukraine on Russia’s Belgorod region had reportedly injured five, while a drone attack on Wednesday reached some 600km to hit Engels airbase which houses Russian strategic bombers.
By all accounts, Ukraine forces are fairing poorly at the front lines of fighting, but the cross-border attacks have served to distract from this.
Kiev is looking to inflict some degree of punishment on Russia, and so it appears its only desperate hope of doing this is by ramping up these cross-border attacks. But this invites more Russian action like attacks on the Ukrainian capital and other places far from the front lines. Russia has of late also been targeting the southern port city of Odesa with increased frequency.
end
6.Global Issues//COVID ISSUES
COVID ISSUES/VACCINE ISSUES//DRUG ISSUES
These 4 drugs are essential for any covid infection:
FOUR MEDICATIONS BANNED BY THE BIDEN ADMINISTRATION DURING COVID AND HOW TO LEGALLY GET THEM!
BY THE WELLNESS COMPANY
Just a few years ago, it would have been unthinkable that our government would ever ban access to life-saving drugs. The COVID -19 pandemic, however, opened our eyes to just how far our government would go to line the pockets of big pharma.
Here are four critical medications that were banned, or access was limited to, under the Biden administration:
IVERMECTIN
Nobel-prize winning medicine demonized as “horse medicine” by the mainstream media and the FDA. Ivermectin was and is a key component in the McCullough protocol pioneered by freedom-fighting doctor Peter McCullough.
Ivermectin is an anti-parasitic agent on the World Health Organization’s list of essential medicines. Studies have demonstrated Ivermectin’s anti-viral properties on SARS-CoV-2 through inhibiting viral proteins from entering the nucleus of healthy human cells.
HYDROXYCHLOROQUINE
An antiviral that has been used for 50 years for the treatment of various diseases. It was smeared by the left and medical establishment after Dr. Vladimir “Zev” Zelenko encouraged President Donald Trump to take it as part of his early treatment of COVID.
Hydroxychloroquine (HCQ) is an anti-malarial agent that is also effective in combating several types of coronaviruses including MERS, SARS-CoV and SARS-CoV-2. Studies have shown that HCQ can prevent coronavirus particles from recognizing host receptors which interferes with cell fusion. HCQ further promotes the body’s immunosuppressive system to combat viral infection.
GENERIC Z-PAK
One of the most commonly prescribed antibiotics in history was also a key component in early treatment protocols and thus came under fire by the Biden administration and our crooked medical establishment.
Azithromycin is an antibiotic of the macrolide class. It has been shown to exhibit both antiviral and immunomodulatory properties that can offer therapeutic benefit to certain viral respiratory infections. Studies indicate Azithromycin may directly inhibit viral load, particularly in the early stages of Covid-19.
BUDESONIDE
Budesonide is an inhaled corticosteroid breathing treatment used to reduce inflammation in the airways and lungs. Budesonide has been shown to impair viral replication of SARS-CoV-2 and downregulate the receptors used for cell entry by the virus.
Access to all of these critical prescription medications were limited or outright banned by the Biden administration and left-wing Governors, who were all too willing to let Americans suffer – or even die – if it meant protecting the financial interest of the big pharma.
We know what the globalists did in 2020, and we know they will do whatever they can to maintain power, which makes 2024 a potentially very dangerous year for Americans.
Unlike 2020, you don’t have to be caught unprepared and that’s where The Wellness Company comes in.
The Wellness Company and its great doctors – like Dr. Peter McCullough, Dr. Drew, Dr. Harvey Risch, and Dr. Jim Thorp – are regularly in the media fighting against the broken medical establishment.
Dr. Thorp, one of the nation’s leading critics of corrupt Big Pharma, believes that now – more than ever – people should be prepared for the next pandemic:
“I’ve strongly recommended “stockpiling” critical medications including antibiotics since the turn of the century. This has been an incredible investment as many friends, family, and patients have benefited. Now, in the winter of 2024, this recommendation is even more crucial.”
This kit is prescription-only – you can’t find it in any store or pharmacy. Simply fill out a short questionnaire after purchase and a trusted Wellness Company doctor will confirm your suitability and issue your prescription Contagion Kit.
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Don’t be caught unprepared for whatever 2024 sends your way!
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
can think of several…you? the world we live in now is very dangerous…Barnett had accused the plane manufacturer of retaliating against him after he flagged problems he saw at Boeing’s 787 factory
Taiwan, would it cut off the semi-conductors that are running US military etc.? 90% of most advanced chips made in Taiwan and so, Is this China-US-Taiwan was really about advanced chip technology?
Semiconductors are produced by a remarkably global supply chain, with design often stemming from US, Japanese or European firms, and manufacturing taking place in Taiwan and South Korea. However, Taiwan alone manufactures more than 60% of the world’s semiconductors -— and crucially, 90% of the most advanced ones.
There are fears the silicon shield might not hold forever, and an invasion by China would threaten the global economy with implosion.’
TSMC is the leading chip producer in Taiwan, known as Taiwan Semiconductor Manufacturing Co.’
All of this China-US-Taiwan possible WW III potential is over advanced semi-conductors, chips, produced in Taiwan (90%).’
‘A conflict between the US and China over computer chips – or semiconductors – has been escalating in recent months. In particular, the US has taken steps to limit China’s access to advanced chip technology amid heightened international competition in the area.
The US recently tightened export controls to undercut China’s access to high-end chip manufacturing equipment and has banned top talent from working for Chinese semiconductor firms. Beijing retaliated by banning US chip maker Micron from operating in China.
Taiwan plays a critical role in this struggle. It has a huge share of the global semiconductor industry, but is also the focus of tensions between Beijing and Washington over its political status.’
‘Taiwan has officially confirmed the presence of US troops stationed on its islands in the Taiwan Strait permanently, a development that could further escalate mounting tensions with China.
The National Defense Authorization Act (NDAA) passed in 2023 facilitated the deployment of these troops to conduct training programs for Taiwanese frontline forces.
Biden LAUGHS After Trump Hit with Massive FineDuring the Gridiron Dinner, President Joe Biden made a lighthearted remark about President Donald Trump’s struggle to pay the substantial fines resulting from a controversial civil fraud judgment in New York. New York Attorney General Letitia James, who campaigned on using the law to pursue Trump, emphasized the importance of everyone abiding by the same rules, even though the Trump case was unprecedented.READ THE FULL REPORT
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7//OIL ISSUES//NATURAL GAS ISSUES//ELECTRICAL GRID ISSUES// RENEWABLE ENERGY ISSUES//USA AND GLOBE//GLOBAL SHIPPING
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 7;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0916 DOWN .0022
USA/ YEN 151.03 UP .290 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2764 DOWN .0035
USA/CAN DOLLAR: 1.3494 UP .0022 (CDN DOLLAR DOWN 22 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 2.57 PTS OR 0.08%
Hang Seng CLOSED UP 320.03 POINTS OR 1.93%
AUSTRALIA CLOSED UP 1.13% // EUROPEAN BOURSE: MOSTLY ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 320.03 PTS OR 1.93%
/SHANGHAI CLOSED DOWN 2.57 PTS OR 0.08%
AUSTRALIA BOURSE CLOSED UP 1.13%
(Nikkei (Japan) CLOSED UP 812,06 PTS OR 2.03%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2207.30
silver:$25.49
USA dollar index early THURSDAY morning: 103.14 UP 9 BASIS POINTS FROM WEDNESDAY’s CLOSE.
The USA/Yuan, CNY: closed ON SHORE CLOSED DOWN AT 7.1995
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2203)
TURKISH LIRA: 31/91 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.734…
Your closing 10 yr US bond yield UP 2 in basis points from TUESDAY at 4.2284% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.453 DOWN 0 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.628 UP 2 BASIS PTS.
GOLD AT 11;30 AM 2171.60
SILVER AT 11;30: 24.71
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: THURSDAY CLOSING TIME 12:00 PM//
London: CLOSED UP 2.89 PTS OR 0.04%
German Dax : CLOSED UP 5.17 PTS OR 0.03%
Paris CAC CLOSED DOWN 50.26 PTS OR 0.61%
Spain IBEX CLOSED UP 34.30 PTS OR 0.32%
Italian MIB: CLOSED DOWN 16.29 PTS OR 0.05%
WTI Oil price 80.63 12: EST/
Brent Oil: 85.28 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 92.05 ROUBLE UP 0 AND 20/100
GERMAN 10 YR BOND YIELD; +2.408 DOWN 2 BASIS PTS
UK 10 YR YIELD: 4.028 UP 1 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0857 DOWN .0080 OR 80 BASIS POINTS
British Pound: 1.2653 DOWN .0145 or 145 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.017 UP 2 BASIS PTS//
JAPAN 10 YR YIELD: 0.734%
USA dollar vs Japanese Yen: 151.70 DOWN 0.960//YEN UP 96 BASIS PTS//
USA dollar vs Canadian dollar: 1.3532 UP .0059 CDN dollar DOWN 59 basis pts)
West Texas intermediate oil: 81
Brent OIL: 81.07
USA 10 yr bond yield UP 1 BASIS pts to 4.277%
USA 30 yr bond yield DOWN 1 BASIS PTS to 4.444%
USA 2 YR BOND: UP 4 PTS AT 4.641%
USA dollar index: 103.72 UP .674 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 31.98 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 92.06 DOWN 0 AND 19/100 roubles
GOLD 2182.60 3:30 PM
SILVER: 24.76 3:30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 269.76 PTS OR 0.68%
NASDAQ UP 80.27 PTS OR 0.44%
VOLATILITY INDEX: 12.90 DOWN 0.14 PTS OR 1.07%
GLD: $201.97 DOWN 0.21 OR 0.10%
SLV/ $22.65 DOWN 0,64 OR 2.75%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
END
MORNING TRADING/
AFTERNOON TRADING/
II USA DATA
Garbage data..
Continuing Jobless Claims Revised Down For 20th Straight Week…
THURSDAY, MAR 21, 2024 – 08:37 AM
As a reminder, in the real world labor market, 2024 has been a shitshow of layoffs…
1. Everybuddy: 100% of workforce 2. Wisense: 100% of workforce 3. CodeSee: 100% of workforce 4. Twig: 100% of workforce 5. Twitch: 35% of workforce 6. Roomba: 31% of workforce 7. Bumble: 30% of workforce 8. Farfetch: 25% of workforce 9. Away: 25% of workforce 10. Hasbro: 20% of workforce 11. LA Times: 20% of workforce 12. Wint Wealth: 20% of workforce 13. Finder: 17% of workforce 14. Spotify: 17% of workforce 15. Buzzfeed: 16% of workforce 16. Levi’s: 15% of workforce 17. Xerox: 15% of workforce 18. Qualtrics: 14% of workforce 19. Wayfair: 13% of workforce 20. Duolingo: 10% of workforce 21. Rivian: 10% of workforce 22. Washington Post: 10% of workforce 23. Snap: 10% of workforce 24. eBay: 9% of workforce 25. Sony Interactive: 8% of workforce 26. Expedia: 8% of workforce 27. Business Insider: 8% of workforce 28. Instacart: 7% of workforce 29. Paypal: 7% of workforce 30. Okta: 7% of workforce 31. Charles Schwab: 6% of workforce 32. Docusign: 6% of workforce 33. Riskified: 6% of workforce 34. EA: 5% of workforce 35. Motional: 5% of workforce 36. Mozilla: 5% of workforce 37. Vacasa: 5% of workforce 38. CISCO: 5% of workforce 39. UPS: 2% of workforce 40. Nike: 2% of workforce 41. Blackrock: 3% of workforce 42. Paramount: 3% of workforce 43. Citigroup: 20,000 employees 44. ThyssenKrupp: 5,000 employees 45. Best Buy: 3,500 employees 46. Barry Callebaut: 2,500 employees 47. Outback Steakhouse: 1,000 48. Northrop Grumman: 1,000 employees 49. Pixar: 1,300 employees 50. Perrigo: 500 employees
But, according to the government-supplied data…
The number of American filing for jobless benefits for the first time last week dropped to 210k (vs 213k exp and 212k prior) with the NSA number tumbling to 190k (lowest since October)…
Source: Bloomberg
Continuing Claims saw another downward revision for last week. That is the 20th straight weekly downward revision of continuing claims…
Source: Bloomberg
But thanks to the adjustments, it all looks ‘normal’ and ‘stable’ at around 1.8 million Americans…
Source: Bloomberg
And WARN numbers are rising rapidly…
Source: Bloomberg
As a reminder, if you doubt the accuracy of the Biden admin’s data, here’s what the most recent FOMC Minutes said:
“While the recent trends prior to the meeting had been remarkably positive, Fed officials judged that some of the recent improvement “reflected idiosyncratic movements in a few series.”
Even they aren’t buying it, and neither should you!
end
US PMIs Signal “Unwelcome Upward Pressure On Consumer Prices In The Coming Months”
THURSDAY, MAR 21, 2024 – 09:56 AM
S&P Global’s US Manufacturing PMI surged to its highest in 22 months (52.5 vs 51.8 exp) while Services PMI disappointed, sliding for the second month in a row to 51.7 (vs 52.0 exp)…
Source: Bloomberg
Commenting on the data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said:
“Further expansions of both manufacturing and service sector output in March helped close off the US economy’s strongest quarter since the second quarter of last year. The survey data point to another quarter of robust GDP growth accompanied by sustained hiring as companies continue to report new order growth.
“The brightest news came from the manufacturing sector, where production is now growing at the fastest rate since May 2022. Production gains are linked to improving demand for goods both at home and abroad, driving a further upturn in business confidence in the outlook.
“Service providers meanwhile reported a slower pace of expansion than factories, with the rate of increase also moderating slightly compared to February, linked in part to ongoing cost of living pressures. However, service providers have also become increasingly optimistic about the outlook, with confidence striking a 22-month high in March to suggest the broad-based economic expansion seen in March will persist into the summer. “
However, it was not all rainbows and unicorns as inflation is starting to show up again:
“A steepening rise in costs, combined with strengthened pricing power amid the recent upturn in demand, meant inflationary pressures gathered pace again in March. Costs have increased on the back of further wage growth and rising fuel prices, pushing overall selling price inflation for goods and services up to its highest for nearly a year.
The steep jump in prices from the recent low seen in January hints at unwelcome upward pressure on consumer prices in the coming months.”
Not what Powell and his dovish pals wanted to see.
END
Existing Home Sales Unexpectedly Exploded Higher In February… And So Did Prices
THURSDAY, MAR 21, 2024 – 10:14 AM
Existing home sales soared a stunning 9.5% MoM in February, smashing the expectation of a 1.3% decline and building on the 3.1% MoM in January. However, even with the big monthlyu jump, existing home sales remain down 3.3% YoY…
Source: Bloomberg
Total existing home sales SAAR surged to 4.38mm – a 12 month high…
Source: Bloomberg
Homeowners may be accepting that mortgage rates are settling into a new normal and can’t delay moving any longer, NAR Chief Economist Lawrence Yun said on a call with reporters.
“Additional housing supply is helping to satisfy market demand,” Yun said in a statement.
“Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices.”
With a 2-month lag, we can see why existing home sales may have risen, but with mortgage rates rising since then, we suspect the fun and games may come to an end again soon (even if the NAR economist thinks otherwise)…
The number of previously owned homes for sale climbed to about 1.07 million last month, and Yun said he expects that will continue to go up. At the current sales pace, selling all the properties on the market would take 2.9 months, the lowest in about a year.
Realtors see anything below five months of supply as indicative of a tight market.
Even with greater inventory, strong demand put upward pressure on prices. The median selling price advanced 5.7% to $384,500 from a year ago, the highest for any February in data back to 1999.
Sales rose in three of four regions, led by a 16.4% surge in the West
First-time buyers made up 26% of purchases in February, matching the lowest on record.
TUCKER CARLSON…
END
III USA ECONOMIC COMMENTARIES
BALTIMORE
Attention Gen-Zers: Baltimore City Wants To Sell $1 Homes
WEDNESDAY, MAR 20, 2024 – 06:00 PM
The failed leftist mayor of Baltimore City, Brandon Scott, wants to practically give away vacant row homes to attract new residents and expand the tax base. This initiative comes as the city’s population crashes to a century-low and lawless neighborhoods are littered with vacant row homes.
Bloomberg reports Mayor Scott plans to offer residents more than 200 city-owned vacant properties for $1 each. However, those residents must rehab the homes and live in them. The proposal could be voted on as soon as Wednesday.
WJZ Investigator Mike Hellgren recently attended an oversight hearing at City Hall where several council members asked Scott’s administration to postpone a vote on the measure.
“There are so many risks and hazards associated with these vacant properties,” resident Maurice Brock told WJZ’s Hellgren.
Brock said, “It’s a definite safety risk for citizens, for city employees and firefighters.”
Five decades of Democratic control have produced a massive exodus of the population, leaving 13,500 vacant homes across the city. Those who wish to stay anonymous but have participated in rehabbing vacant row homes in the city before, tell us the figure is much higher.
Bloomberg noted Scott’s plan to sell vacant homes is reminiscent of the city’s “dollar house” program from the 1970s.
The move to revitalize Baltimore (or at least attempt) comes as the city’s total population recently crashed to a 100-year-low, losing nearly 40% of its people since the peak of almost a million in the early 1960s.
Who in their right mind would buy a vacant home in an imploding city?
Baltimore City is a prime example that whatever Democrats touch turns to dust.
As for Gen-Zers and millennials who have been priced out of homes – well now is your chance to buy at the rock bottom.
END
ILLINOIS
Illinois Moves To Cut Thousands Of Non-Citizens From Taxpayer-Subsidized Health Care
Illinois officials are moving to stop providing taxpayer-subsidized health care to thousands of non-citizens, including many illegal immigrants, in a bid to rein in soaring costs.
The Illinois Department of Healthcare and Family Services said in a recent statement it will start annually verifying the eligibility for two programs—Health Benefits for Immigrant Adults (HBIA) and Health Benefits for Immigrant Seniors (HBIS)—after enrollment was paused due to budget concerns.
“This process will mirror the redetermination process used in the traditional Medicaid program to ensure those enrolled remain eligible,” the agency said.
The plans include closing cases for people who are enrolled who make over a certain amount or who otherwise are no longer eligible for the program in which they’re enrolled. Officials also plan on removing legal permanent residents who qualify for Medicaid, which is a federal program.
“The redetermination process ensures that those who are enrolled remain eligible for coverage,” Illinois Department of Healthcare and Family Services spokesperson Jamie Munks told WBEZ. “If an individual loses coverage through the redetermination process, it is because they no longer meet eligibility requirements, or they are required to respond or submit additional information to prove their continued eligibility, but they do not do so.”
The processes are estimated to reduce the number of enrollees in the state programs by about 6,000 people, state Sen. Don DeWitte, a Republican, told the Center Square after hearing from state health officials. Those removals would result in savings of $14 million.
HBIS, launched in 2020, provides taxpayer-funded health care for seniors who would receive Medicaid coverage but can’t get it due to their immigration status. HBIA, introduced in 2022, provides the same state benefits for people aged 42 to 64. Illegal immigrants are among the approximately 63,000 covered.
“Everyone, regardless of documentation status, deserves access to holistic healthcare coverage,” Illinois Gov. J.B. Pritzker, a Democrat, said in one of his statements in support of the programs.
Many Republicans have opposed the programs, noting that some citizens still lack health care.
The costs of the programs have increasingly sparked concern among lawmakers of both parties.
Each person aged 55 or older costs about $1,168 a month, while the rest cost about $750 a month, according to the Illinois Department of Healthcare and Family Services. Total monthly costs soared to $71 million in August 2023. Illinois paused enrollment in 2023 after projecting it would cost $831 million for fiscal year 2024 and spike to $1.1 billion if no restrictions were implemented. Lawmakers had only approved $550 million for the programs for the fiscal year.
Health officials said the growing costs stemmed in part from covered populations suffering from “untreated chronic conditions.”
Mr. Pritzker, in his recently submitted fiscal 2025 budget, asked for $629 million in funding for the program.
Fees Introduced
The Illinois Department of Healthcare and Family Services said in 2023, as it paused enrollment, that it would also be imposing co-pays for certain hospital services that were not eligible for federal money.
The new fees included $250 for an inpatient hospitalization, $100 for a visit to an emergency room, and 10 percent of what the department would pay providers for non-emergency outpatient services.
The agency said at the time that the changes would help bring down costs while describing the programs as “a vital resource for individuals who would otherwise be eligible for Medicaid but for their immigration status.”
The agency later rolled back the emergency room visit co-pay, under pressure from activists.
The rollback came after officials said they checked with the U.S. Centers for Medicare & Medicaid Services, which conveyed that states can ask for reimbursement for all emergency room visits, regardless of the patient’s immigration status.
“This decision will keep Illinoisans safer and allow them to seek the healthcare they need in emergencies,” Tovia Siegel, director of the Healthy Illinois Campaign, an activist group, said in a statement.
The other co-pays were kept in place. The agency said they would help ensure costs came down. Ms. Siegel said they would be “a significant burden on both providers and patients, limiting access to healthcare for Illinois’ immigrant community.”
END
NEW YORK
New York Doomed To Be Migrant Central – Other Cities Take Note
Mayor Eric Adams’ agreement, announced Friday, to limit the time illegal immigrants can stay in shelters at taxpayers’ expense, is smoke and mirrors. It’s designed to fool you into thinking he’s solving a problem when he’s actually caving to the illegal immigrant industrial complex.
Adams claims the agreement, with the Legal Aid Society and the Coalition for the Homeless, will allow the city to evict adult migrants from city-run shelters after 30 days, saving taxpayers money and limiting the need for more shelters. Not true.
The fine print says illegal immigrants have a shot at staying longer if they obtain a driver’s license, follow shelter rules, and show good behavior, or—get this one—apply for public benefits. And this is a “non-exhaustive” list of reasons making illegal immigrants eligible to stay longer.
The agreement also applies only to single adults. A staggering 78 percent come with children and get priority placement in hotels. The city currently spends a whopping $387 a night for food and a roof alone for each family, and shells out more money for free medical care, education, and legal services. This agreement does zero to alleviate those staggering costs.
The deal dooms New York City to fiscal disaster, because it will continue to be the No. 1 destination for illegal immigrants seeking a free roof over their heads. The Big Apple is now Migrant Central.
Worst of all, nothing in the agreement empowers the mayor to evict troublemakers who have repeat run-ins with police. The illegal immigrants who beat up cops in Time Square were living in shelters, courtesy of taxpayers, and already had long rap sheets.
When troublemakers are arrested and give a shelter address, the shelter should be contacted and told they no longer qualify. Why should taxpayers be footing the bill to house criminals?
Notorious gangs like Tren de Aragua and MS-13 recruit from the shelters. How convenient that taxpayers pay to house these gangs’ lackeys.
In October, Adams imposed a 30-day limit on adult migrants but wound up in court when Legal Aid and the Coalition challenged. A long negotiation ensued, ending with Friday’s agreement.
Since 1981, Legal Aid and the Coalition have fought successfully to impose a “right to shelter” on New York. Now these two self-appointed guardians of the downtrodden—not elected by anyone—insist that the “right” applies not just to New Yorkers but anyone from anywhere in the world who wants shelter here. That’s crazy.
After months of negotiating, Adams capitulated. No one at the table was looking out for taxpayers or New Yorkers who see their services being cut and their neighborhoods disrupted by the proliferation of shelters. The multibillion-dollar shelter industry came out a winner, but Joe Public got shafted.
As the agreement was announced, Deputy Mayor Anne Williams-Isom praised the “right to shelter” and Legal Aid Society for the work they do. They’re all in bed together.
Josh Goldfein, a Legal Aid attorney, explained that despite the settlement, “no migrant would be left out on the streets.” In fact, the agreement bans the city from even making illegal immigrants sleep overnight in chairs while waiting to be placed, imposing stricter shelter requirements than before.
A “right to shelter” for anyone who shows up on Gotham’s doorsteps means New Yorkers who want sanitation services, police and fire protection, and other city amenities go to the back of the line. Their services get cut to pay for sheltering illegal immigrants. Adams needs to battle aggressively, up through the highest courts, to get that “right” reexamined.
Only New York has a “right to shelter,” and it makes the city the top destination for illegal immigrants. New York City spends more than 10 times as much as Los Angeles per illegal immigrant and more than five times as much as Chicago.
To top it off, the agreement and the Adams administration are renaming illegal immigrants as “new arrivals,” whitewashing the laws they broke to get here.
Expect hundreds of thousands more to see these welcome signs and come. Who wouldn’t come?
On Sunday, Adams praised the city’s “responsible policies” and blamed “Republican extremists” for the border crisis. Sorry, Mr. Mayor, but the crisis here in New York City is due to the lavish benefits local Democrats insist on offering “new arrivals.” There’s no whitewashing that.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times.
end
Darden restaurants owner of Olive Garden warns of lower income as customers are pulling bacck
(zerohedge)
Olive Garden, LongHorn Steakhouse Owner Darden Warns Lower Income Customers Are Pulling Back
THURSDAY, MAR 21, 2024 – 01:25 PM
Darden Restaurants, a top full-service US restaurant group with 1,914 locations across 50 states under its eight brands—Olive Garden, LongHorn Steakhouse, Cheddar’s, Yard House, Ruth’s Chris, The Capital Grille, Seasons 52, Bahama Breeze, and Eddie V’s—warned on Thursday that lower-income customers are pulling back on spending.
“Transactions from incomes below $75,000 were much lower than last year, and at every brand, transactions fell from incomes below $50,000. Similar to Q2, this shift was most pronounced in our Fine Dining segment,” Chief Executive Officer Rick Cardenas told investors on an earnings call.
However, Cardenas pointed out, “But specifically, your question for the third quarter, transactions from households with incomes above $150,000 were higher than last year.”
Consumer behavior shifts are materializing for the restaurant group and serve as a health check proxy for consumers.
Bloomberg provided a snapshot of Darden’s earnings that were underwhelming and offered a negative outlook:
The Olive Garden and LongHorn Steakhouse owner’s sales missed analysts expectations, attributing the results to unfavorable winter weather in January that cut traffic by 1%, and lower sales in February which “exposed consumer weakness,” the company’s Chief Financial Officer Raj Vennam added on the call, specifically highlighting softness in Texas and California.
Additionally, Darden cut its 2024 same-store sales growth outlook, and forecast next quarter’s same-store sales growth of only -0.5% to 1%. The company’s shares dropped as much as 6.9% in early New York trading, the most since May 2022.
Cardenas’ disappointing comments about low-tier customers came one week after Dollar Tree said the average ticket size for customers declined last quarter.
A pinched low- and middle-income consumer comes as no surprise given elevated credit-card balances and rising delinquencies, as well as depleted personal savings. Furthermore, negative real wage growth has been a disaster for the working poor in the era of failed Bidenomics.
end
How Obama-Biden are trying to bankrupt USA with climate change proposals in new budget
(Tom Luongo)
Biden’s Hail Mary Budget Is Just Another Anchor Baby
Last week I was contacted by Sputnik News to give some comments on “President” Biden’s $7.3 trillion budget proposal. To be honest, having to read up on what was in the budget proposal was enough to ruin my day before it even began.
But, ever your humble(sic) servant, I endeavored to persevere and what I saw was typically horrifying, as always. And my quick conclusions were that this budget is a political wish list of a dying party to buy votes however and wherever they can.
The party I’m speaking about isn’t the Democrats, it’s the Uniparty that has the Capitol under foreign control. Because nothing I see in this budget is for America’s prosperity. It is ultimately capital destructive and feeds into the needs of all of America’s enemies, foreign and domestic.
$7.3 trillion paid for with more ‘soak the rich’ taxes is throwing napalm grenades on an already burning fire. And it serves to further sell today’s Americans out for tomorrow’s anchor babies currently being invited across the border at record numbers, given billions in tax dollars to shelter them in our homes and hotels while forcibly denying that they are doing any of it.
It’s not just perverse folks, it’s intentional, with the ultimate end to drive capital away from the US towards other parts of the world. For our friends in Europe it’s clearly a mechanism to make us as bad as them.
Every day in Brussels is another day to vandalize the people of Europe and reinforce who wields real power. Every ludicrous headline I see come out of France or Germany or the Netherlands somehow always looks similar to some brain-dead idea floated by the Biden administration.
The latest, this morning, is Joe’s further assault on car manufacturers by radically upping the restrictions on emissions to the point of outlawing internal combustion vehicles.
This go-round, Biden is “preparing to roll out the toughest-ever” emissions restrictions, according to Bloomberg.
The report says that the Environmental Protection Agency is poised to implement emissions limits that (Biden thinks) could significantly boost electric vehicle sales, requiring EVs to constitute about two-thirds of new car and light truck sales by 2032, a sharp increase from less than 10% last year.
Unless, of course, people stop buying new cars.
This is yet another example of the desperate need for the Supreme Court to take up the Chevron Deference and strike it down. The agencies should not be making law. That’s Congress’ job.
And I don’t care if Congress is allergic to doing its job, new emission regulations should not be in the hands of unelected bureaucrats run by chiefs who are chosen by the current political party.
While I’m no fan of democracy, the fear of voter backlash is one of the few real world pressure points we still have as taxpayers. So, enough with these poison pills, and legislating through Executive Order. It’s time for the courts to re-establish separation of powers and slow the roll of globalists who think they have the right to tell us what to do.
Because Climate Change! SMFH.
These are things things that need to go through the legislature.
But the real problem with this current globalist wish list is that further soaking the rich to get them to “pay their fair share” will only drive capital elsewhere. As always, they sell the midwits on the first-order effects — helping you poor and downtrodden with buying a house and buying food — and not on the real effects — continuing the divestment cycle which began with these idiotic policies back during FDR.
Every time I listen to one of these pathetic pols complain about “Corporate America,” or “Wall St.,” or “Inflation” all I hear is deflection away from yesterday’s stupid policy which created today’s problems.
It does nothing but remind me that Harry Browne was right all those years ago when he said that all government really does is break your legs and then hand you a crutch. While you are limping along on that crutch they say, ‘See! Without us you wouldn’t be able to walk.”
How about we stop breaking Americans’ legs in the first place?
No. That won’t ever happen because then we might find out that it was all their fault in the first place.
The good news is, post-COVID and the horrific vaccines, that it’s become obvious to millions of people now in ways that it never had been before.
The big miscalculation with everything surrounding COVID is that it’s easy to persuade people of dumb shit when it doesn’t directly affect them. You can appeal to their logic and their left brains and turn their heads around backwards.
But when you start killing people they love you are now screwing with their hearts. When you break the compact between the government and the people so you don’t have to pay the bills, that’s when you can’t convince them you didn’t break their legs in the first place.
As always, whenever I’m contacted by Russian Media for comments I publish the entire response publicly lest anyone think I’m anyone’s bitch.
1) What’s behind such high numbers in President’s plan? How challenging would be for the US economy in its current condition to support this plan?
The budget on offer is ludicrous. Biden and his people know it. The Republicans in the House know it. This is a purely political document to try and shore up Biden’s failing numbers with his shrinking base.
It’s as tone deaf a budget proposal as I’ve ever seen from an American president. It’s a budget designed to accelerate the bankruptcy of the US. Since I consider Obama, the real power behind the throne in D.C., to be a foreign agent, this budget makes perfect sense.
The goal with this is to be so over-the-top that any negotiated settlement will still be terrible. It’s a logical extension of the Democrats’ “Soak the Rich” rhetoric of the past two decades. This time they are going to pay for their idiotic plans with destroying the capital base, putting taxes on unrealized capital gains, and more energy boondoggles whose intent is to cripple the US economy.
This is all right in line with World Economic Forum (and EU) principles to destroy competitiveness of European rival nations. This budget, in short, is meant to be a poison pill for the future, regardless of who wins the election in November.
2) Which of these proposals do you think reveal most vulnerable areas of Biden’s presidency ahead of the November presidential election?
He is proposing the same punitive measures on the American people that the IMF imposes on anyone who takes a loan from them… raise taxes, cut productivity, prioritize foreign bond holders. To this package he’s adding more support for low-income voters struggling with inflation he created to buy them off in November.
Biden and Obama can see the poll numbers. They are losing in every category. Soaking the rich and dividing the country further into ‘haves’ and ‘have-nots’ is a tired strategy. Americans are simply not having any of it from a President that can only seem to spend money overseas while inviting the world in through an open border.
It refuses to address the things that people actually want to change. Jobs for American citizens. Lower energy and food costs. Less spending and less partisan politics.
3) Since the passage of the proposals requires approval from a legislature that’s currently divided on a number of issues, which President’s proposals do you expect to pass and which – to fail? Can you elaborate, why?
If I’m reading the room in D.C. properly, and that includes all aspects of foreign policy, then the real wealth of the US will move heaven and earth to ensure that almost none of this proposed budget gets through Congress.
The problem is, of course, that those behind Biden and Obama are going to do the same thing.
But, that said, the GOP majority under Speaker Mike Johnson is as thin as it can be. It will require behind-the-scenes arm-twisting of traditionally squishy Republicans and vulnerable Democrats to keep from passing.
So, that means that you can expect the ‘soak the rich’ tax proposals to be the first thing gutted. Democrats, like Elizabeth Warren, will screech about how this is intolerable because Wall St. is evil. They will also ramp up their rhetoric that the Federal Reserve must cut rates to help pay for this transition to ‘a fairer system.’
Politically, however, the mood in the US has moved away from this. Giving people money isn’t going to solve the food and energy inflation problem, which is what is driving people away from Biden. That only makes the problem worse. The one thing that we’ve done well locally is highlight the insane costs of Biden’s open border policy and he can’t overcome that with a couple of tax credits and handouts to Americans who are being passed over for jobs they are qualified for because of hiring quotas.
I see this entire budget proposal pretty much backfiring completely after what was a revelatory State of the Union address which even Biden supporters were hard-pressed to approve of.
If the House GOP is forced to compromise on anything, it will be reinstating the child tax credit.
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IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM…
In 2011, then Homeland Security Advisor to President Obama, John Brennan, swore before Congress that drone-targeted assassination missions near the Pakistani border had not led to “a single collateral death.”
That was an obvious lie with grave consequences, given that Brennan was sworn under oath and was one of the top officials in the US national security community. Yet there were no subsequent repercussions.
In fact, the opposite occurred. Brennan was subsequently rewarded with a 2013 appointment as CIA.
But the next year, once again, Brennan lied to Congress, assuring the Senate Intelligence Committee that his CIA had not secretly accessed senate staffers’ computers. Again, there were no consequences for his repeated lies. Instead, Brennan, upon retirement, went on to be an MSNBC/NBC analyst who helped to promulgate the Russian collusion/laptop disinformation hoaxes.
In 2013, Director of National Intelligence James Clapper also lied under oath to Congress when he laughably stated that the National Security Agency did not spy on American citizens. Later, when called out by senators, Clapper fudged in a televised interview. “I responded in what I thought was the most truthful, or least untruthful, manner by saying no.” Try that contortion with the IRS.
Some members of Congress referred a criminal complaint of perjury against Brennan to then Attorney General Eric Holder. Nothing happened. Again, one of the chiefs of the American national security community was exempted after lying to members of Congress.
Clapper went on to a lucrative position as a CNN national security analyst, and at one point he claimed that Trump was a Putin “asset.”
As far as Eric Holder, he had earlier defied a congressional subpoena and was held in contempt by the House. The Department of Justice, however, chose not to pursue the complaint. Later in the Trump administration, Trump adviser Peter Navarro would be sentenced to four months in jail for similarly resisting a congressional subpoena. Was it a crime or not to resist a congressional subpoena?
The Justice Department’s Inspector General concluded that Andrew McCabe, the former FBI deputy director and interim director, had lied repeatedly to a variety of officials, including FBI Director James Comey, various FBI agents, and officials of the Office of the Inspector General.
On some of these occasions, McCabe was sworn under oath.
Yet in 2020, the Department of Justice chose not to pursue the IG’s criminal referrals. McCabe went on to become an outspoken CNN News contributor. Note that Gen. Michael Flynn, Trump’s National Security Advisor, was indicted—and convicted—for similarly lying to the FBI in 2017.
In 2016, an FBI investigation found that Hillary Clinton, as Secretary of State, had violated the law by transmitting and receiving classified information over an unsecured private server.
Subsequently, she destroyed thousands of emails and some devices, some of which were under subpoena. FBI Director James Comey found that “any reasonable person” should have known it was illegal to transmit classified information in such a sloppy fashion.
Comey, however, found that “Although there is evidence of potential violations of the statutes regarding the handling of classified information, our judgment is that no reasonable prosecutor would bring such a case.”
Translated, that meant Hillary Clinton had likely broken the law, but it was unlikely that any prosecutor like Comey would indict the then-current Democratic nominee for president and former Secretary of State—at least in the fashion that state and federal prosecutors would later file over 90 indictments against Donald Trump.
In 2018, the now-former FBI Director James Comey on some 245 occasions claimed under oath to Congress that he did not know or could not remember essential facts in the FBI Crossfire Hurricane investigation of Donald Trump, which he had authorized.
In addition, the Office of the Inspector General of the Justice Department found that Comey had broken the law by violating both DOJ and FBI policies, as well as the FBI’s employment agreement—especially by retaining in his personal safe copies of four bureau memos concerning a confidential conversation with President Trump.
Elements in the memos from that meeting likely contained classified information. Yet Comey leaked it to a friend without a security clearance in order to make it public. Despite the damning IG report, the Department of Justice chose not to prosecute Comey.
Is there a pattern here of likely guilt that is contextualized into a not guilty assessment—and not guilty due to the prosecutorial psychoanalysis of the jury—that a guilty verdict would be difficult to obtain?
Or sometimes prosecutors make the assumption that there was no criminal intent on the part of such a well-known public figure or that the crime was relatively inadvertent.
In other words, the above suspects were guilty of breaking laws, many of them felonies, but prosecutors chose not to prosecute them. And this same exemption reappears in the two most recent cases of felony exemption due to extenuating political or ideological circumstances.
Special Counsel Robert Hur—charged with examining whether President Joe Biden unlawfully removed classified documents, crimes for which the other special counsel, Jack Smith, was concurrently indicting Donald Trump—recently found the President culpable for removing classified files.
Hur noted that Biden had unlawfully and knowingly removed and retained classified files since his senate days—or possibly over a half-century. Biden had also removed the files to multiple locations, few of which were secure.
Hur compiled photos of the mess in Biden’s garage, where files were stored in delipidated boxes. Moreover, Biden removed them not inadvertently. He did so to further his political career and to profit by providing a ghostwriter with classified material to enhance his memoirs—which had garnered an $8 million advance in a book deal.
Biden, as a senator and vice president, had no legal authority to declassify any of these classified files. Hur further found that Biden made the files’ presence and contents known to his ghostwriter, Mark Zwonitzer. The latter had no security clearance to view such documents.
In addition, Biden was on tape at least as early as 2017, admitting that he was in violation of the law. Yet he did not come forward for nearly six years. And when he did contact authorities, it was only in fear that his own DOJ’s special counsel was soon to indict Trump for the very same exposure—willfully retaining files at his home that he knew were classified.
Worse still, ghostwriter Zwonitzer willfully destroyed state’s evidence when he erased his incriminating tapes (recovered partially by Hur through forensics and transcripts). Yet, mysteriously, he was never prosecuted for obstruction of justice or destroying requested materials.
After reviewing Biden’s culpability, Hur chose not to prosecute him. As he put it, “Our investigation uncovered evidence that President Biden willfully retained and disclosed classified materials after his vice presidency, when he was a private citizen.”
And why the exemption? Hur explained his reasons further:
“We have also considered that, at trial, Mr. Biden would likely present himself to a jury, as he did during our interview of him, as a sympathetic, well-meaning, elderly man with a poor memory. Based on our direct interactions with and observations of him, he is someone for whom many jurors will want to identify reasonable doubt. It would be difficult to convince a jury that they should convict him—by then a former president well into his eighties—of a serious felony that requires a mental state of willfulness.”
Translated, Biden was likely guilty but, in Hur’s view, too cognitively challenged and thus too sympathetic a figure to be found guilty—but apparently not enough impaired to serve as President of the United States.
Finally, we come to the case of Fulton County, Georgia, prosecutor Fani Willis. Judge Scott McAfee chose not to remove her from leveraging a racketeering charge against Trump despite clear evidence that she had lied under oath and was likely guilty of obstruction of justice, witness tampering, and fraud.
Two associates of Fani Willis testified that she had a romantic relationship with a clearly unqualified Nathan Wade before she appointed him as her chief special Trump prosecutor. Wade had no criminal trial experience, was sexually involved with Willis, and took her on expensive junkets in quid pro quo fashion.
Telephone records located Willis and Wade at her residence during times when they had sworn there was no romantic relationship. Thousands of personal texts between the two confirmed their intimacy. Willis produced no proof she had ever paid Wade back for the expensive trips he took her on, lamely pleading that she had reimbursed him with cash—although she produced no records to that effect.
Willis had campaigned for office and raised money on promises to get Trump. She had come up with the novel idea of using a racketeering charge to indict him for questioning the 2020 Georgia balloting. Both in her testimony and a church appearance, Willis played the race card, alleging that she was the victim of racial bias.
Yet despite lying under oath, colluding with Wade to produce near identical testimonies, and having no clear defense of her free trips from Wade, Judge McAfee chose not to dismiss her from the case, despite giving her the option to remove Wade.
That was an incoherent decision, given that Willis had hired Wade, had become romantically involved with him, and had collated their testimonies. Willis, not Wade, was the architect of the deceit and yet remained free to continue her prosecution of Trump.
As in the Hur case, in compensatory fashion, McAfee editorialized about the roguery of the two. And also, as in the Hur case, the judge essentially exempted Willis from the legal consequences that her criminality had earned.
“However, an odor of mendacity remains. The Court is not under an obligation to ferret out every instance of potential dishonesty from each witness or defendant ever presented …Yet reasonable questions about whether the District Attorney and her hand-selected lead SADA testified untruthfully about the timing of their relationship further underpin the finding of an appearance of impropriety and the need to make proportional efforts to cure it.”
In the end, the judge gave Willis the choice to remove herself or her paramour Wade from the prosecution; she chose Wade.
But apparently forgotten was the reality that Willis, not Wade, appointed such an unqualified boyfriend as her chief counsel and established his compensation. It was Willis, not Wade, who was the recipient of free trips and perks. It was Willis, not Wade, who was most contradicted by other witnesses. And, of course, Willis, not Wade, was the driver behind the entire prosecution of the ex-president and current leading contender for the presidency.
What are the common denominators of such exempted criminality?
First, we can start by identifying those who were not exempted due to an asymmetrical application of our laws. Trump advisor Peter Navarro was convicted and sentenced to jail for failure to obey a congressional subpoena in the manner that both Eric Holder and Hunter Biden were not.
Trump was indicted for making false statements in a manner that Brennan, Clapper, Comey, Wade, and Willis were not. Biden disclosed classified materials. Comey likely did as well. And Clinton clearly violated the law by knowingly using an unsecured server for classified material. None were indicted.
Second, in such high-profile cases, prosecutors and judges find ways to justify not charging or pursuing those they deem guilty of breaking the law, either by claiming—in the fashion Comey did in the Clinton case or Hur did with Biden—a jury, in their opinion, would not convict them.
But since when do such prosecutors with ample funding and resources predicate guilt or innocence, not based on the facts of the case, but whether the defendant would appear sympathetic to a jury or perhaps too powerful to risk such a controversial indictment?
Third, to excuse their laxity or unequal application of the law, judges and prosecutors blast the soon-to-be excused defendant, as if such editorialization makes up for preferential exemption. So Joe Biden is not prosecuted for clearly unlawfully removing classified files. But as a booby prize, Hur offers up the sting of Biden as “a sympathetic, well-meaning, elderly man with a poor memory.”
Judge McAfee, more or less, does not pursue a clearly guilty Willis but offers us the compensatory, “However, an odor of mendacity remains.”
Almost all the prosecutorial decisions not to pursue these guilty parties—a McCabe, a Comey, a Brennan—are couched with excuses and contextualizations rarely, if ever, offered to most Americans.
Fourth, all these people are an incestuous lot. Holder does not prosecute Clapper or Brennan, but himself was not prosecuted for resisting a congressional subpoena. Comey lets Hillary off, but he himself is let off after leaking a likely classified document. A Biden-administration-appointed special prosecutor exempts Biden, but another Biden prosecutor indicts Trump. After receiving their exemptions, the pots Brennan, Clapper, Comey, and McCabe all turn up on cable news blasting the kettle Trump.
What is the common explanation for all this madness?
Our criminal justice system no longer treats the accused equally under the law. If the defendant is deemed a conservative, like a Michael Flynn, Peter Navarro, or Donald Trump, then the full force of prosecution falls upon them.
But if a Biden, Brennan, Clapper, Clinton, Holder, or Willis, then the state contorts itself to find excuses, exemptions, and mitigating circumstances not to pursue justice—and so often to the point of absurdity and the erosion of Americans’ confidence in their laws. In these high-profile cases in this polarized era, a cynical public now expects any accused prominent leftist to remain unindicted, while any non-leftwing target will be indicted, convicted, and jailed—for the same alleged offenses.
As an historian, it has been fascinating to watch the left try to impose new language to describe people in the country illegally.
The left has gradually pushed accepted language away from “illegal aliens” (the term in law), to “illegal immigrants” (the most common term), to “undocumented immigrants” (the left’s current favorite term), and now to “newcomers” (the Joe Biden White House’s latest experiment in gaining language dominance).
It all reminds me of Vladimir Lenin’s great language coup of 1903.
The Russian Social-Democratic Labour Party met secretly in Brussels. (The Czar’s secret police made it impossible to meet openly in Russia). At the meeting there was a split between Lenin’s hardline revolutionary faction and a more moderate democratic wing. Lenin’s faction was the smaller group, but they claimed the title Bolshevik (which means “greater faction” or majority). Group with the most votes were foolish enough to accept the title Lenin gave them, which was Menshevik, meaning minority. That language dominance and branding gave Lenin an enormous advantage in the following two-decade struggle to overthrow the Czar and create Soviet Russia.
At least as far back as the French Revolution, the left has had a passion for labeling things and ideas to gain language dominance.
This process as applied to illegal immigration began at least 25 years ago for me. That’s when I first remember being lectured that using the term “illegal immigrants” was wrong, and I should learn to say “undocumented.”
I thought this was nuts then, and I still do now. By definition, the people we were describing are illegal. Their first act on entering the United States is to break the law. Their decision to do so is an insult to every legal immigrant who patiently followed the rules and entered the United States legally.
In late February, the Biden White House had a handout which said, “The bill also includes $1.4 billion for cities and states who are providing critical services to newcomers.” The reaction to replacing “illegal immigrant” with “newcomer” was so harsh that the Biden team dropped it. But their goal was clear.
This process of normalizing weird and radical ideas goes on constantly on the left. Think of pushing transgenderism on children, kneeling during the pledge of allegiance, ignoring the destruction caused by the Black Lives Matter riots, etc.
The problem for the left is that illegal immigration may be the battlefield on which they can’t win.
The latest absurdity began when Biden responded to jeers from Rep. Marjorie Taylor Greene during his State of the Union Address. He said, “Lincoln (sic) Riley, an innocent young woman who was killed by an illegal. That’s right. But how many of thousands of people are being killed by legals?”
Note that even in acknowledging a young woman who was killed by an illegal immigrant, Biden had to immediately cover it with thousands being killed by legal immigrants and citizens. The illegal immigrant could not be the focus.
Of course, he got Riley’s name wrong, but the left immediately attacked him for using the term “illegal.” This includes former Speaker of the House Nancy Pelosi. Biden promptly began trying to backtrack. In an interview with MSNBC’s Jonathan Capehart on Saturday, Biden acknowledged his sin of language, “I shouldn’t have used ‘illegal,’ it’s ‘undocumented.’”
But Biden couldn’t stop there. He had to be pro-illegal immigrant. “I’m not going to treat any, any, any of these people with disrespect. Look, they built the country. The reason our economy is growing,” he said.
Biden’s defense of illegal immigration hurt him with the average American – and his use of “illegal” hurt him with his leftwing allies.
His confusion made him look weak. So, in another act of language dominance, the White House simply decided he really never apologized for saying “illegal” in the first place.
As The Hill reported:
“White House deputy spokesperson Olivia Dalton attempted to clarify on Monday, telling a reporter that ‘the president absolutely did not apologize’ despite his expression of regret.
“‘There was no apology anywhere in that conversation,’” Dalton told reporters on Air Force One. ‘He did not apologize. He used a different word. I think what we should be really clear about is the facts.’”
Biden (and his press team) may be confused, but the American people are not. As Scott Rasmussen reported:
“Our recent polling found that 55% of voters believe ‘illegal immigrant’ is the proper term and another 8% prefer ‘illegal alien.’ While 63% favor use of ‘illegal,’ just 24% prefer ‘undocumented migrant.’
“Among traditional Democrats, 54% prefer ‘illegal’ and 33% ‘undocumented.’ But [Bernie] Sanders Democrats prefer ‘undocumented’ by a 48% to 30% margin. It is the progressive Democrats who forced Biden to apologize. This just moves him even further from the mainstream.”
Let’s be clear: Laken Riley was reportedly killed by an illegal immigrant. That illegal immigrant was in Athens, Ga. because of Biden’s insane policies which favor an open border and prioritize illegal immigrants over American citizens.
No word games can overcome those facts.
For more commentary from Newt Gingrich, visit Gingrich360.com. Also, subscribe to the Newt’s World podcast.51
Badass ‘Vigilantes’ Show Up Evict Squatters At NY House Where Homeowner Arrested
WEDNESDAY, MAR 20, 2024 – 06:40 PM
A pair of vigilantes showed up to a house in Queens, New York where the homeowner was recently arrested for changing the locks on her own house in order to try and evict squatters.
On Tuesday afternoon, two unidentified men driving a black pickup truck pulled into the driveway of the Flushing home in search of the squatters.
“We are looking to get this guy out,” one of the men told the Daily Mail. “I am here to talk to him. I want to see why he is here.”
The owner, Adele Andaloro, 47, was in the process of selling the inherited property valued at roughly $1 million, when the squatters moved in.
One of the neighbors on the block, who saw what transpired, said ‘holy c**p,’ and said she had no idea that the squatter issue was causing so much backlash.
Many of the neighbors are baffled by the ordeal – and say they want to know how the squatters gained access into the house in the first place.
‘It’s disgusting,’ one person said, who mentioned that he has seen one of the squatters walking around outside.
He added sarcastically: ‘I wish I could live rent free.’ -Daily Mail
Another neighbor told the Mail that she had seen concerning activity at the house over the past few weeks – including one of the squatters carrying a door into the house one night.
“I actually saw the door go into the house. The guy looked at me then looked away,” she said. “I didn’t know what was going on.”
“They are doing construction on the house all night long,” said another neighbor. “I heard a drill and saw through my window that they were drilling holes into the wall and putting up boards.”
Andaloro’s arrest was captured on video.
According to locals, Andaloro lived in the house with her daughter and mother. When her mother passed away several years ago, she stayed in the house and rented out the basement to an older man and his dog. After the man moved out of state, Andaloro put the house on the market – when the squatters showed up.
NEW: New York City homeowner gets arrested after changing the locks on *her own home* after it got taken over by squatters. Never do business in New York. In NYC, anyone can simply claim “squatter’s rights” after 30 days of living at a home which isn’t even enough time for the city to do their “investigation, their work, and their job” according to home owner Adele Andaloro. When the 30 day mark comes, it is illegal to change the locks, remove tenants or turn off the utilities. The bogus law means practically anyone can squat in a home and there is nothing the homeowner can do about it. During the news segment, Andaloro was arrested for unlawful eviction and taken away in handcuffs. Absolute insanity.
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NY Prepares To Seize Trump Assets In Westchester County
BY TYLER DURDEN
THURSDAY, MAR 21, 2024 – 11:25 AM
The state of New York has positioned itself to seize Donald Trump’s assets in Westchester County following a $454 million civil fraud judgement against the former president. The state registered the massive judgement in the county, a sign that his properties in the area may be at risk of being seized if Trump can’t post an appeal bond.
The judgement, registered March 6 according to the Westchester Country Clerk’s online database, didn’t give any reason for the registration, nor did it specifically identify any of Trump’s assets, but it will allow Attorney General Letitia James to more easily secure liens on two of the billionaire’s most valuable properties – Trump National Golf Club Westchester, and the 212-acre Seven Springs estate which remains mostly undeveloped, Bloomberg reports.
James has said she’s prepared to start seizing Trump assets if he misses a March 25 deadline to post a bond for 120% of the judgment to put it on hold while he appeals. She hasn’t started that process, and the registration in Westchester County doesn’t automatically mean she will attempt to seize the properties. It’s nevertheless a clear sign they’re at risk.
Trump, who is campaigning to return to the White House in the November election, has asked a New York appeals court to waive the bond while he challenges the verdict, or allow him to post a smaller one for $100 million. A ruling on that request, which James opposes, could come at any time.
Trump and his sons, Donald Trump Jr. and Eric Trump, were found by Judge Arthur Engoron to be liable for inflating the former president’s assets in order to obtain better terms on loans – despite the banks involved all saying they did their own internal due diligence and were happy with the relationship.
In a March 18 filing, Trump said that an appeal bond is “unattainable,” as insurance companies that arrange them won’t take his real estate as collateral – only cash, which Trump has previously warned he doesn’t have. If the court doesn’t help him with a lower bond, Trump says he’ll have to sell properties in a “fire sale” to raise money.
In Manhattan, the state doesn’t have to register the judgement since that’s where the verdict was handed down. Trump properties in the Big Apple include Trump Tower and his skyscraper located at 40 Wall Street.
Democrats, meanwhile, are taking a victory lap.
ABC’s Jimmy Kimmel goes into an unhinged rant of ‘jokes’ and calls Trump a ‘Great White Supremacist‘ after playing a clip of him explaining that he’d rather be electrocuted than eaten by a shark ‘The Great White Supremacist has until Monday to come up with a $464 million bond, or the state may seize and sell his property’
ESMs (June, ‘M’, is the front month) traded in negative territory from the Nikkei opening until they surged into positive territory near the US repo market opening at 7 ET. ESMs then vacillated wildly in a 12-handle range until they broke lower 20 minutes before the 14:00 ET FOMC Minutes release.
FOMC Minutes HighlightsFOMC Median Forecast Shows 75 bps of Rate Cuts in 2024 to 4.6%FOMC Median Forecast for Funds Rate in 2025 Rises to 3.9% from 3.6%FOMC Median 2024 Core PCE Inflation Estimate up to 2.6% vs. 2.4%Fed Repeats Waiting for Greater Confidence on Inflation to CutNine FOMC Officials Penciled in 2 Rate Cuts or less for 2024FOMC Median Growth Projection Rises to 2.1% from 1.4% Here’s what changed in the new Fed statement (Just one phrase!) (Job gains have remained strong from Job gains have moderated since early last year but remain strong) https://www.cnbc.com/2024/03/20/federal-reserve-decision-heres-what-changed-in-the-new-statement.html
ESMs and USMs initially soared because the FOMC did NOT voice concern about the recent increases in inflation. ESMs hit a daily high of 5267.00 at 14:05 ET. They sank to 5246.00 at 14:17 ET. ESMs then gyrated as traders awaited Powell’s appearance.
USMs surged to a daily high of 119 21/32 minutes before the FOMC Minutes were released. Someone got non-public information early, again! USMs then tumbled to a daily low of 118 15/32 at 14:18 ET.
The FOMC Minutes prove that Fed officials are cowards and political animals. They didn’t have the courage or the integrity to note that inflation has increased, and that CPI bottomed last June.
@GordonJohnson19: It’s clear from these dots the @federalreserve is NOT data dependent, BARRING Powell introducing a scenario where the Fed considers a higher neutral rate moving forward. Barring that, these dots are recklessly dovish (which, continues the trend from J. Powell/@SecYellen).
@NorthmanTrader: Fed: We decided to do nothing. Buy everything.
@FixTheFed: The Powell Fed is the most corrupt Wall-Street controlled “institution” in American history… JPow will never stop fluffing the bull…
Powell Press Conference HighlightsInflation has eased substantially but remains too highFed remains committed to 2% inflation goalThe risk toward meeting inflation and employment goals are moving into better balance ESMs initially surged to 5263.75 when Powell began to speak. They sank to 5241.00 in 5 minutes.
Powell Q&A HighlightsCNBC’s Steve Liesman asked if there is “more tolerance for inflation.” Powell issued word salad but did NOT directly address the question/ indirect accusation.The second question was about intractable housing inflation. Once again Powell issued word salad and said the Fed was confident that inflation would fall back to 2%.The 3rd question was about inflation and rate cuts. Powell said the risks are two sides. If we easy too much or too soon inflation will return. If we hold tight too long, it could hurt employment.The pace of QT will slow “fairly soon.”January CPI and PCE were quite high but seasonal factors are involved. February was slightly high but taking the two together does NOT change our view that inflation is coming down. ESMs surged to new daily highs when Powell asserted that the ugly January and February inflation numbers did NOT change the Fed’s view that inflation was still easing! Yes, Virginia, Powell and his ilk are abject liars and political whores. They are NOT data driven!
When challenged about dismissing unsavory inflation data and saying inflation is ‘moving down’, Powell said that the Fed will be data driven but will not react to a few months’ data. Jerome, sensing that reporters will keep pressing him on inflation, finally acknowledged that the latest inflation data “certainly hasn’t improved anyone’s confidence.”
Powell deceitfully or ignorantly stated that the Fed thinks financial conditions are weighing on the economy – even though financial conditions are at historically loose levels! Liars or dopes?
ESMs hit a new daily high of 5284.00 at 15:06 ET; June Gold hit 2210.50, +29.30.
Powell said the Fed does NOT expect the unemployment rate to go up. Jerome said the Fed is NOT targeting wages, just inflation. He doesn’t see wages causing inflation. When pushed again on the January and February inflation data, Powell said it proves that we were right to wait to cut rates!
Another reporter pressed Jerome on inflation, citing his recent Congressional testimony. He reiterated that ‘we are making progress on inflation.’ The reporter retorted that inflation has not been falling. Jerome said we need to see more data despite the January and February disappointment. He then exited.
CNBC commentators and Steven Liesman highlighted the fact the Powell repeatedly dismissed concerns about January and February inflation data. Liesman noted that reporters no longer badgered Powell about why the Fed isn’t cutting rates. A CNBC host noted that Powell had several opportunities to voice concern or a harder line on inflation, but he declined to do so.
@CNBCClosingBell: “If we do resume the downward trajectory of inflation, then the Fed’s going to be in a good place. The question becomes, in a couple months, if these sort of lousy inflation or not-improving inflation numbers continue, then what does the Fed do?” says @steveliesman https://twitter.com/CNBCClosingBell/status/1770535264152154380
ESMs finally peaked (5289.50) at 15:32 ET. ESMs slid to 4274.75 at 15:30 ET. The late manipulation pushed ESMs to 5288.50 at 15:59 ET. USMs hit 118 26/32, +3/32, at the NYSE close.
@YahooFinance: “The [markets] reaction is understandable,” Vanguard’s Roger Aliaga-Diaz says on the Fed holding rates steady. “They revised up the growth projections. They revised up the inflation projections… yet they still think they will cut three times this year.”
@kashyap286: Key takeaways from the FOMC: The Fed is in no hurry to bring inflation down to 2%.They don’t even intend to achieve that goal until 2026.Powell’s term ends in May 2026… – Treasury auctions are failing so the Fed announced QT taper. The alternative scenario outlined by Powell was continuing QT until something breaks and then printing money to paper over the problems. – 3 rate cuts this year, starting as soon as May. Powell acknowledges that base effects imply higher inflation readings in the second half of 2024, but they’d rather cut and help Biden get re-elected than care about inflation readings. – The Fed expects the economy to get stronger and the labor market to get tighter, putting upward pressure on inflation, but they will cut rates and withdraw QT anyway. – Powell acknowledged that the RRP drain was adding liquidity to the system, rendering QT irrelevant. Liquidity will only tighten 1:1 with QT once RRPs go to zero. By then, QT will be history. Like Gideon Gono or William McChesney Martin, Jerome Burns knows the consequences of what he’s doing but will do it in order to save his skin.
@FrogNews: I’ve watched every Fed press conference since they started 13 years ago. Today is right up there with one of the most troubling. Jerome has always sucked at his job, but at least was predictable. Today, he surrendered the purchasing power of our currency. It’s not right.
Positive aspects of previous session Stocks rallied sharply because the Fed is ignoring recent unsavory inflation data The S&P 500 and Nasdaq hit an all-time highs Even (liberal) reporters kept relentlessly pressing Powell on recent unsavory inflation data
Negative aspects of previous session Fed officials are abject liars; they are NOT data driven; they are political whores Gold and precious metals soared on the cowardly Fed; Gold hit an all-time high
Ambiguous aspects of previous session How high will stocks bubble up now that Powell and his ilk are ignoring inflation?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5207.45 Previous session S&P 500 Index High/Low: 5226.19; 5171.55
Intel receiving whopping $20B from Biden to boost US chip output and reduce reliance on China, Taiwanhttps://trib.al/aAtWJOg
@EpochTimes: Trump Says He May Have to Hold ‘Fire Sale’ of New York Properties The former president, his company and his co-defendants must post a total bond of $557.5 million to appeal the verdict in his fraud case. (Trump is threatening to collapse NY CRE!)
DOJ to File Apple Antitrust Case as Soon as Thursday – BBG 17:21 ET Blocking rivals from accessing hardware and software features of its iPhone…
Today – Powell and his ilk issued an ‘all clear’ to the markets that they can bubble up stocks and precious metals. Traders will continue to pig out on risk until they exhaust themselves or some force stops them (Newton’s 1st Law of Motion). The Fed really wants to re-elect Biden and/or fears a CRE implosion!
ESMs are +14.75; NQMs are +95.75 (Huge short squeeze today?); and USMs are -1/32 at 20:15 ET.
Expected Economic Data: Q4 Current Account -$209.0B; Mar Phil Fed Business Outlook -2.8; Initial Jobless Claims 209k, Continuing Claims 1.82m; Mar S&P Global US Mfg PMI 51.8, Services 52, Composite 52.2; Feb LEI -0.1%; Feb Existing Home Sales 3.94m
S&P Index 50-day MA: 4991; 100-day MA: 4771; 150-day MA: 4638; 200-day MA: 4590 DJIA 50-day MA: 38,488; 100-day MA: 37,111; 150-day MA: 36,092, 200-day MA: 35,711 (Green is positive slope; Red is negative slope)
S&P 500 Index (5224.62) – Trender BBG trading model and MACD for key time frames Monthly: Trender and MACD are positive – a close below 4455.17 triggers a sell signal Weekly: Trender and MACD are positive – a close below 4901.55 triggers a sell signal Daily: Trender is positive; MACD is negative – a close below 5101.35 triggers a sell signal Hourly: Trender and MACD are positive – a close below 5163.44 triggers a sell signal
Jim Jordan Explodes During Congressional Hearing After Hunter Biden Refuses to Show Up The president’s son defied a Congressional subpoena and skipped the public hearing, one day after former Trump adviser Peter Navarro reported to a Miami prison for the same offense leading to Contempt of Congress charges. He will now serve four months in prison… “Who planted the pipe bombs on January 6th? Nobody seems to know. Who leaked the Dobbs draft opinion? The leak that led to an assassination attempt on Justice Kavanaugh,” he said. “How about this one: Who left cocaine at the White House? Biden administration doesn’t seem to have time to answer these questions,” he went on. “They’re too busy investigating parents at school board meetings, labeling Catholics ‘extremists,’ retaliating against whistleblowers. They’re too busy putting together a sweetheart deal for Hunter Biden.” “The deal that got laughed out of court, and oh, the guy who put together the deal that got laughed out of court. That’s the guy they named Special Counsel,” he added. “You know what Democrats do have time for? Going after President Trump. They’ve been doing it for eight years. They spied on his campaign. Then it was the Mueller investigation, 19 lawyers, 40 agents, $30 million and found nothing. Then it was impeachment, then it was raiding his home, then it was the Special Counsel, then it was the 14th Amendment.”… https://thepoliticsbrief.com/jim-jordan-explodes-during-congressional-hearing-after-hunter-biden-refuses-to-show-up/
@JudiciaryGOP: Joe Biden knew. In fact, Tony Bobulinski personally met with Joe Biden in Los Angeles in May of 2017 multiple times to discuss the broad contours of business dealings. Watch for yourselfhttps://t.co/zqxGcupiT0
Hunter Biden accused of lying under oath about China deals and using his dad’s name to make deals at wild impeachment hearing with Tony Bobulinski and a former associate testifying… Bobulinski told impeachment investigators on Capitol Hill about a May 2017 meeting between Hunter, Joe and him at the Beverly Hilton in Los Angeles. ‘The sole reason Hunter wanted me to meet his father was because I was the CEO of Sinohawk,’ he said, referring to the China-affiliated venture Hunter would later be a part of… Bobulinski called Joe Biden a ‘serial liar and fabulist,’ his brother Jim Biden a ’75 year old man who cannot keep his lies straight’ and Hunter a ‘chronic drug addict facing two indictments with twelve counts.’ ‘Representatives Dan Goldman and Jamie Raskin, both lawyers, and Mr. Goldman a former prosecutor with the Southern District of New York, will continue to lie today in this hearing and then go straight to the media to tell more lies,‘ Bobulinksi said… Galanis is currently doing time in an Alabama prison for defrauding a Native American tribe. He has told Republican impeachment investigators that the ‘Biden lift’ was why he did business with the first son, claiming it helped close deals they believed would make them billions… Galanis told investigators that in February 2023 he was approved for home confinement under the Covid-era CARES Act by the Pensacola warden, and on June 9, 2023, ‘the Bureau of Prisons California staff confirmed their approval of my home confinement in an email to FPC Pensacola staff.’ Days later on June 12, the Oversight Committee announced it would subpoena Devon Archer, Galanis’ associate, ‘which would, undoubtedly, in my mind expose the dealings of Hunter Biden, Devon Archer, and me.’ One day later, he says his home confinement approval was reversed… https://www.dailymail.co.uk/news/article-13219173/impeachment-hearing-hunter-joe-biden-liar-bobulinski.html
@greg_price11: House Oversight Committee hearing goes off the rails when Hunter Biden’s former business partner Tony Bobulinski calls out Reps. Jamie Raskin and Dan Goldman for lying on behalf of the Biden Crime Family. https://twitter.com/greg_price11/status/1770462772398088298
@GOPoversight: CHAIRMAN COMER OPENS HEARING ON EXAMINING JOE BIDEN’S ABUSE OF PUBLIC OFFICE. “What is apparent, after over a year of investigation, is that the Bidens do not work in any traditional sense of the word. They do not work as consultants. Or lawyers. Or advisors. The Bidens don’t sell a product or a service or a set of skills. “The Bidens sell Joe Biden. “There are only two explanations for this. The first is that Joe Biden knows exactly what he is doing, and knows a handshake, a wink, and a smile is enough for him to maintain, as Jim Biden called it, ‘plausible deniability.’ “Or Joe Biden is being led around by his family and has no idea who he is meeting with or what message he is sending and is truly ‘an elderly man with a poor memory.’ “There is no other explanation: either Joe Biden is complicit, or Joe Biden is incompetent.” https://twitter.com/GOPoversight/status/1770458201709785270
@WBBMNewsradio: 20% voter turnout reported in Chicago for primary
harveyorganblog.com 
